The global economy has slowed, dragging Finland along. In the 2008-09 recession the Finnish economy contracted by 10% peak-to-trough despite being cushioned by relatively resilient domestic demand, prudent fiscal policy and a sound financial sector (Figure 1). However, exports fell dramatically and have not recovered, reflecting a weak export performance compared to neighbouring OECD countries since 2008 (Figure 1). GDP still remains about 3% below its mid-2008 level (Figure 1). Unemployment peaked at 9% in early 2010, and has receded only slowly, but may rise again.