Finland downgrades 2009 forecast
The Bank of Finland has lowered its 2009 growth forecast for the domestic economy.
Annual GDP is now expected to contract by 7.2% in 2009, remain unchanged in 2010 and grow by 1.6% in 2011.
One of the main reasons for this is the weaker-than-expected performance of the economy in the first half of the year. "As an industrial economy dependent on exports, the collapse in world trade has hit Finland particularly hard," the central bank said. "The collapse itself, and particularly its timing, is
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