The Bank of Finland and the Ministry of Finance have confirmed that the nation is currently in a recession.
Both authorities have defined the decline in the gross domestic product (GDP) this year as 0.5 per cent, but the Ministry is predicting a faster recovery from the slump next year, reports Xinhua news agency.
The Bank of Finland has predicted that the decline will continue next year by 0.2 per cent, whereas previously it had estimated a return to 0.9 per cent growth.
Read More : Recession Confirmed: Bank of Finland and Finance Ministry Align on Economic Downturn