Finland’s economy makes surprise Q3 recovery

29 November, 2020 12:00 AM printer

HELSINKI: Finland's GDP outperformed expectations in the third quarter, growing by 3.3 percent between July and September on the previous three months, official data showed on Friday.

The Nordic country, which has maintained one of Europe's lowest incidences of Covid-19, beat the forecast of 2.6 percent growth during the third quarter, reports AFP.

"Both the collapse in the second quarter and the recovery from it in the third quarter were more moderate in Finland than in the EU area," Statistics Finland said in a statement.

"The economy is doing much better in Finland compared to almost any central European country," Danske Bank economist Jukka Appelqvist told AFP.

Finland's second-quarter contraction was also revised from -4.5 percent to -3.9 percent on the previous quarter. By comparison, the eurozone -- of which Finland is a member -- saw overall gross domestic product reduced by 15 percent during the period, according to Eurostat, weighed down by particularly sharp falls in France, Italy and Spain.