Finland's economy has contracted by 9.4 per cent in second quarter

The gross domestic product of Finland has shrunk by 9.4 percent annually for the period April-June, said the Helsinki Times, citing official statistics. Quarterly country's economy has contracted by 2,6 per cent. Slowdown in the first quarter was revised to 3% from earlier announced 2.7 per cent. On an annual basis in the first quarter was reported decline of 7.6 percent. For the second quarter, economists are expecting a smaller decline in GDP of 7.3 percent. Yesterday it became clear that the Cyprus economy has contracted at 0,4 percent quarterly decrease of 0,6 compared to per cent for the first quarter. Annual GDP of Cyprus has shrunk by 1,1 per cent after the first quarter was reported growth of 0,9 percent.