Finland's economy shrank in the third quarter, official data showed on Thursday, burdened by slowing industry and weak demand.

According to Statistics Finland, gross domestic product (GDP) contracted by 0.9 percent in the July-September period from the previous quarter and by 1.2 percent compared to the third quarter last year.

While the first two quarters saw slightly stronger growth in Finland than the EU average, the situation changed in the third quarter.

Finnish exports dipped by 1.8 percent in July-September from the previous quarter, while imports fell by 3.2 percent.

Private consumption decreased by 0.6 percent and public consumption dropped by 2.7 percent, the statistics office said.

Finland fell into a brief recession last year, suffering from accelerating inflation -- which reached 8.4 percent in January -- and the economic consequences of the war in Ukraine.

Inflation has since come down to 4.9 percent in October, boosted by the fall in electricity prices.