Exports in Finland showing growth
Economic reports suggest that Finland’s economy has slipped back into a recession.
During the first quarter of 2010, Finland’s economy fell back into a recession despite making a recovery in the previous months.Finland’s economy relies heavily on the export of goods from the country, especially in terms of telecommunication technology. Many large exporters around the world such as Germany have also been heavily affected by the financial crisis.
The Finish mobile phone company Nokia has been heavily affected by reductions in global trade as consumers opted to save during the recession and avoid luxury goods such as the latest technologies in mobile phones. Official reports released by the Finish government however indicate that exports have now made a recovery since the first quarter of 2010. Exports in Finland rose around 8% in April to 3.6 bn GBP, the largest period of growth in exports since late 2008.
The World Economic Forum recently announced in its review of countries that Finland is has the sixth most competitive economy in the world. This is good news for Finland and the European economy as a whole. Global reports suggest that many Northern European economies are returning to normal as many have announced tight new budgets in public spending.
