Juha Sipilä

Finland has emerged as the eurozone’s worst performing economy after contracting 0.6% in the third quarter. The union has been stagnant for the last three years. It’s economic problems are mainly due to a collapse in trade with Russia, highly uncompetitive labor costs and the decline of its successful Nokia.

Finnish Prime Minister Alexander Stubb has admitted defeat in parliamentary elections held in the country on Sunday, with his party coming second.

The opposition Centre Party, led by millionaire former IT businessman Juha Sipilä, has won with 21.2% of the vote, while support for Stubb's National Coalition Party (NCP) was at 18.2%.

Finns began voting on April 19 in legislative elections expected to oust the left-right government after a campaign that has focused heavily on how to lift Finland out of a three-year economic slump.