A trade war has ballooned into a battle over technology, control over the South China Sea, the fate of Hong Kong's democracy and other issues, including the coronavirus.
The gross domestic product (GDP) is, however, expected to grow by 4.2% next year.
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Finland's gross domestic product (GDP) contracted 6.4% year-on-year in the second quarter.
Private consumption and exports , which are key elements for the good economic functioning of the…
Exports of goods and services plunged 18.5%.
The output of the national economy, adjusted for working days, fell by 4.8%.
BALANCE OF PAYMENTS
The value of goods exports in balance of payments terms declined by 7% year-on-year and totaled 4.8 billion euros.
The British economy contracted a record 20.4% in the second quarter.
The eurozone's economy plunged by an average 12.1% in the same period.
Intentions to spend money on durable goods increased.
ESPECIALLY IN SERVICES
Primary production increased by around 4%, but there were decreases in manufacturing and services.
BALANCE OF PAYMENTS
The value of goods exports in balance of payments terms declined by 24% year-on-year and totalled €4.2 billion.
IN DECLINE FOR MONTHS
The chemical industry and mining and quarrying endured the biggest output falls.
Europe is headed for even deeper recession than initially thought, according to the latest forecast from the European Commission.
The clearest improvement was seen in expectations concerning Finland's economy in 12 months' time.
"Finland is open to further work, but cannot accept the Commission’s proposal for a recovery instrument as such," the Prime Minister Office said.
The biggest drop was in the services sector.
Inflation on food was 2.4% in May.
The value of goods exports in balance of payments terms declined by 12% year-on-year.
The country has paid a high toll for the coronavirus crisis, particularly with a large drop on exports.