Finland's economy continues detoriating

The flash estimate of the Finnish Q2 GDP was simply awful. Against expectations of a reading around flat, the numbers suggest GDP contracted by 0.4% q/q, marking the fourth consecutive quarter of contraction in a row. 

This is just the most recent in a series of negative readings. In y/y terms, Finland is currently the only EU country whose economy is contracting. The underlying economic performance might be as bad as suggested by last week's data. 

Finnish GDP numbers are often revised considerably from the flash estimate, and the monthly hard data simply do not match the Q2 GDP estimate. That said, the economy is no doubt struggling without any growth, and the weak performance is set to continue, at least in the near future. 

"2015 is set to become the fourth year in a row with a contracting economy. While Finland cannot take any measures to boost world trade, there is a lot it can do to make itself a more attractive player in the global economy", says Nordea Bank.