Dismal statistics published Friday further underlined that Nordic neighbours Denmark, Finland and Sweden were in recession, according to DPA. Statistics Sweden reported that the Swedish gross domestic product (GDP) declined 4.9 per cent year-on-year in the fourth quarter 2008, including lower household consumption. Swedish exports fell 7.2 per cent while imports dropped 5.4 per cent, the agency said, noting the impact from the troubled automotive industry. Seasonally adjusted, GDP declined 2.4 per cent compared with the third quarter of 2008, the agency added. The Danish statistics agency reported that GDP fell 3.9 per cent year-on-year in fourth-quarter 2008, and was down 2.0 per cent when seasonal factors were taken into account. Just as in Sweden, private consumption dropped while public expenditures incrased somewhat. In Finland, preliminary data suggested that GDP fell by 1.3 per cent in the fourth quarter of 2008 compared to the third quarter. "If recession is defined as a decline in output lasting for at least six successive months, Finland's economy can be considered as being in recession," the Finnish statistics agency said.
