Finland Q2 GDP Growth Revised Lower

(RTTNews) - Finland's economy expanded at a slower pace than initially projected in the second quarter, the latest data from Statistics Finland showed on Friday.

Gross domestic product rose 0.4 percent sequentially on a seasonally and working-day-adjusted basis in the June quarter. This marked a deceleration from the downwardly revised 0.8 percent increase recorded in the March quarter. The flash estimate had predicted 0.9 percent growth.

The quarterly expansion represented the third consecutive period of growth for the Nordic nation's economy.

The expenditure breakdown showed that private consumption increased 0.1 percent, while government consumption expenditure dropped by 0.3 percent. Public investments fell sharply by 35.3 percent as no deliveries of fighter aircraft were recorded for this period. 

Net foreign demand provided support for the economy. Exports grew 5.7 percent while imports rose 2.2 percent. A significant vessel delivery boosted the value of goods exports in the second quarter, though growth was also evident across broader categories, according to the statistical agency.

On a yearly basis, GDP advanced 1.6 percent in the second quarter, faster than the 1.2 percent increase in the first quarter. The latest growth rate was revised down from 2.5 percent.