In what can only be described as the saddest indication of the state of the worldwide economic problems at the moment, the Ministry of Economics in Lapland reported the second consecutive quarter of negative GDP growth. As such, the economy of Lapland in now officially in recession.
Having had what some had hoped was a Christmas period that would have improved the overall outlook, it appears now that this is an issue will not be resolved in any short amount of time.
The announcement follows the recent news that Santa Claus had reduced his Elf based workforce by 18% to cut operating costs. It would appear that some of the female elves have turned to stripping and lapdancing in order to maintain income levels.
Santa reiterated that the nations reliance on Magic Dust in order to power his sleigh had cost the overall economic position as 2008 had seen the nations that produce the dust reduce supply and drive up prices.
As such, Santa will be working throughout the year in order to develop alternative fuel supplies such as fairy dust and magic beans.
Santa did take the opportunity to quash rumours that certain of his reindeer had been driven to heavy drug usage because of the bleak outlook.