Aktia Cuts Finland’s Economic Forecast as Exports, Industry Wane

Finland’s economic growth will be slower than previously forecast as its sales abroad wane and industrial production declines, Aktia Oyj (AKTAV) said.

Gross domestic product will grow 0.2 percent this year, compared with a 0.3 percent expansion forecast in May, the Helsinki-based bank said in an e-mailed statement today. Growth will accelerate to 0.7 percent in 2013, less than the previous 1.5 percent forecast, Aktia said.

“GDP is contracting as exports and industrial output shrink,” said Timo Tyrvaeinen, chief economist at Aktia. “There’s no improvement is sight as our competitiveness continues to weaken.”

To contact the reporter on this story: Kasper Viita in Helsinki at kviita1@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

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