Finland: Current account balance continues to hover around zero
December 14, 2012
In October, the current account balance recorded a deficit of EUR 44 million. The reading contrasted the revised EUR 125 million surplus attained in September (previously reported: plus EUR 735 million) but represents only a fraction of the EUR 845 million shortfall seen in the same month the previous year.
The trade balance posted a surplus of EUR 5 million, which contrasted the EUR 502 million deficit observed in October the previous year. Exports swung from a 6.9% decline in September to a vigorous 12.5% expansion in October. Meanwhile, imports increased 0.9%, which contrasted the 6.0% contraction seen in September.
Building on the subdued monthly deficit, the 12-month moving sum of the current account balance stepped up from minus EUR 4.2 billion in September to minus EUR 3.4 billion, or approximately 1.7% of GDP.