Finland's economy expanded at a slower pace in the first quarter, Statistics Finland said Friday.

The seasonally adjusted gross domestic product grew 0.8 percent sequentially during the three months ended March, slower than the revised 1.8 percent expansion in the fourth quarter.

Economists had forecast GDP to grow 0.5 percent after the December quarter's original estimate of 1.7 percent rise.

Year-on-year, GDP rose a working day adjusted 5.5 percent. Economists were looking for a 5.3 percent annual growth. The fourth quarter figure was revised up to 5.5 percent from 5.2 percent expansion reported in March.

The volume of exports fell 4.8 percent from the previous quarter and was up 15.9 percent year-on-year. Imports, meanwhile, increased 2.2 percent quarter-on-quarter, and grew 11.9 percent from last year.

Private consumption grew 0.1 percent from the previous quarter and was up 2.3 percent from a year earlier. Investments were 2.6 percent higher than the preceding quarter, while growing 9.8 percent from first quarter of 2010.

RTTNews