Finnish recession to deepen to 7.2 pc in 2009

Finland's economy will contract by 7.2 percent in 2009 and will
experience zero growth in 2010 , the central bank said in a forecast
published on Tuesday. The Nordic country has experienced the worst
recession in the eurozone, shrinking by a record 9.4 percent in the
second quarter on a 12- month comparison, according to official
statistics. But the central bank said it expected Finland's economy
to recover in 2011 , returning to growth of 1.6 percent. In its
previous forecast in March, the central bank foresaw a recession of
5.0 percent this year and 1.1 percent in 2010 , before recovering
with growth of 1.5 percent in 2011. Finland's export-heavy economy
has been floored by a plunge in demand for its products. The
country's domestic market is limited. Exports represented nearly half
of gross domestic product last year but only 35 percent in the
second quarter of this year.