Finland's economy continues to struggle despite earlier predictions of recovery. New data shows the country's gross domestic product shrank by 0.1% in the July-September period compared to the previous quarter.
When adjusted for working days, GDP stood 0.9% lower than the same period last year. The number of employed people decreased by 1.6% year-on-year, while total hours worked dropped by 2.4%.
Jukka Appelqvist, chief economist at the Central Chamber of Commerce, described the figures as disappointing. He said the numbers look somewhat better than spring's particularly weak performance but show no real growth.
"The best thing about the autumn growth figures is that they appear somewhat better than spring when the situation was particularly sluggish," Appelqvist stated. "The contraction of gross domestic product has leveled off, but no signs of growth are yet visible based on hard data."
Finland's economy grew during the first three quarters of last year before stalling at year's end. The country has seen no growth this year, with performance hovering near zero at best.
Economic forecasts had projected stronger growth expectations for the future. Current predictions for next year resemble last autumn's forecasts for 2025, which never materialized.
Production declined by 0.4% in September compared to August. The next detailed quarterly national accounts will be published on November 28.
The continued contraction raises questions about Finland's economic resilience amid broader European challenges. With employment and hours worked both declining, the data suggests deeper structural issues beyond temporary market fluctuations.