FINLAND, Germany and Italy were one of the most underperforming eurozone economies in the first quarter of the year, views DBRS, a credit rating agency based in Toronto, Canada.
DBRS pointed out last week that the economies that reported the highest growth rates for the three-month period were small economies: Malta (4.8%), Estonia (4.6%) and Lithuania (3.7%). Germany, France and Italy – the three largest eurozone economies – all contrastively made it on the list of underperforming economies along with Belgium and Finland.
The Canadian credit rating agency estimated that the Finnish economy grew by 1.2 per cent, the German economy by 0.7 per cent and the French economy by 1.2 per cent between January and March.
The Italian economy contracted by 0.1 per cent.
The manufacturing industries and overall economic sentiment in the 19-country area is affected negatively by uncertainties about the potential escalation of protectionism and rising probability of a no-deal Brexit.
Statistics Finland on Thursday revealed that it has downgraded its estimate for gross domestic product growth in Finland in 2018 from 2.3 to 1.7 per cent, kindling concerns among economists.
“Annual GDP growth was below one per cent for two quarters based on the figures. There was hardly any quarterly growth in the second half of 2018,” tweeted Pasi Kuoppamäki, the chief economist at Danske Bank.
Aleksi Teivainen – HT
Source: Uusi Suomi