Finland Cuts Growth Forecasts Over Euro Crisis Fears

GDP expected to only go up half a percent next year

Finland expects economic contraction this year and little improvement in 2013 as the export-dependent country continues to suffer from reduced demand among European trading partners.

The Finance Ministry says GDP is expected to decline 0.1 percent this year and rise only 0.5 percent in 2013, mainly because of growth in domestic demand. Growth will improve slightly to 1.7 percent in 2014, when trading partners in the 17-country eurozone are expected to keep struggling economically.