Finland's economy declined in the third quarter of the year, reports Statistics Finland.
According to the numbers agency, Finland's gross domestic product shrank by 0.9 percent in July-September from the previous quarter.
Adjusted for working days, it was 1.2 percent lower than a year ago.
According to Jukka Appelqvist, chief economist of Finland's Central Chamber of Commerce, the figures confirm an interpretation of approaching recession.
"We're living through a period of drastic contraction in production, which is just beginning. On an annual basis, we are well below the zero point, which means that the balance from the period of the last year is negative in terms of economic growth," he explained.
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No need for excessive pessimism
Appelqvist pointed to the fact that in the third quarter of the year, all key demand items - private and public consumption, exports and investments, clearly contracted. Exports fell by 1.8 percent, private consumption by 0.6 percent, public consumption by 2.7 percent and private investments by 1.5 percent.
However, he warned against being overly pessimistic, something which can become a self-fulfilling prophecy.
"Although it is difficult now, it is by no means clear that the whole of next year will be bad for the economy. With a little luck, at some point next year export demand, demand in domestic consumption and fiscal policy may all turn to a point that supports growth again. Before that, however, we'll have to get through the winter," he said.
According to preliminary data compiled by Eurostat, the July-September gross domestic product of the EU region as a whole remained at the same level as during the previous quarter.
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