Although Finland managed to emerge from recession in the second quarter of 2014, exports to neighboring Russia continued to fall, as did the number of visitors from Russia.
This is problematic given that Russia is Finland's largest trading partner, with major exports to the country including machinery, forest and chemical products and dairy foodstuffs.
After Russia banned food imports from the European Union (of which Finland is a member) and other Western countries in August, the Finish Ministry of Finance forecast that Finland's food exports would fall to less than a quarter of normal, with its important dairy sector likely to be worst hit.
"The biggest risk to (Finland's) export outlook continues to be Russia," said Bocian on Wednesday.
"We expect Russian GDP (gross domestic product) to fall significantly in 2015, which would keep the export outlook poor. The value of Finnish exports to Russia fell 12 percent year-on-year in January-October and the worst is not over, in our view."
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