The volume of Finland's gross domestic product decreased by 0.9 per cent in January – March compared with the previous quarter, according to Statistics Finland's preliminary data.

The effects of price changes on volume have been removed.

Compared with the previous year, working-day adjusted gross domestic product decreased by 1.1 per cent.

The economy is now officially in recession, as GDP has contracted for two consecutive quarters.

In October – December, according to updated data, GDP decreased by 0.6 per cent from the previous quarter, but increased by 0.5 per cent year-on-year.

In January to March, exports contracted by 7.4 per cent from October to December and by 8.5 per cent year-on-year. Imports decreased by 3.5 per cent from the previous quarter and by 4.1 per cent from January to March last year.

The volume of private consumption decreased by 0.6 per cent year-on-year but increased by 0.1 per cent year-on-year.