In June, economic activity decreased a working-day adjusted 0.7% over the same month last year, based on the monthly Trend Indicator of Output. The negative reading contrasted the 0.2% increase seen in May and marked, in fact, the first output drop since February 2010. The contraction was broad-based, with annual growth in all the three main sectors - primary, secondary and services - falling into negative territory in June. A month-on-month comparison corroborates the slowdown suggested by the annual figures, as economic output decreased a seasonally adjusted 1.3% over the previous month, which contrasted the 0.7% expansion witnessed in May. Based on preliminary data, the statistical institute estimates GDP to have contracted 1.0% in the second quarter over the preceding three-month period, which would contrast the 1.3% increase recorded in the first quarter. In annual terms, the statistical institute expects the economy to have fallen a working-day adjusted 1.7%. Revised and more detailed data will be released on 5 September.
Economic activity contracts in June
August 15, 2012
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Finland GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted GDP in %.
Source: Statistics Finland and FocusEconomics calculations.
Finland Economic News
October 14, 2016
The current account posted a EUR 166 million deficit in August, according to Statistics Finland.
October 14, 2016
In August, economic activity fell a working-day adjusted 0.1% over the same month last year, according to the Monthly Trend Indicator of Output.
September 15, 2016
In July, economic activity expanded a working-day adjusted 1.5% over the same month last year, according to the Monthly Trend Indicator of Output.
September 6, 2016
The Finnish economy recorded flat growth in Q2 over the previous quarter in seasonally-adjusted terms, which represented a slowdown from Q1’s 0.3% expansion, according to preliminary data released by Statistics Finland on 6 September.
August 15, 2016
The current account posted a EUR 219 million deficit in June according to Statistics Finland.