RTTNews - Tuesday, the Statistics Finland said in a report that the country's gross domestic product or GDP contracted 7.6% year-on-year in the first quarter, at a pace seen in the early 1990's, after falling 2.4% in the fourth quarter. Economists expected the GDP to fall 8.8%.

Sequentially, the GDP was down 2.7% in the first quarter, following a 2.1% drop in the preceding quarter.

During the first quarter, private consumption fell 3.7% on an annual basis, while investments decreased 8.9%. Exports were down 25.5%, while imports dipped 19.4%.

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