Finland's economy suffers from technical recession and inflation surge

Finland's economy has been hit by a technical recession and a surge in inflation, according to Statistics Finland. The economy shrank by 0.2 percent in the fourth quarter of 2022, making it two consecutive quarters of contraction. The decline was attributed to weakened expectations among both consumers and businesses, which began to be realized in the latter half of the year. Inflation reached 8.4 percent in January, affecting the purchasing power of consumers and businesses.