Finland officially entered recession this year, undermining trade, consumer confidence, and the willingness to spend on big-ticket items such as yachts.

According to preliminary statistics, the Finnish economy shrank by 0.1 per cent in the first three months of 2013 after contracting by 0.6 per cent in the fourth quarter of 2012.

Jouko Huju, at marine industry federation Finnboat told IBI that uncertainty over the development of the European economy is the single biggest issue affecting the Finnish market.

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