Finland: Current account balance deteriorates on record trade deficit
February 15, 2013
In December, the current account posted a deficit of EUR 530 million. The figure contrasted the revised EUR 162 million surplus observed in November (previously reported: EUR 198 million surplus) and represented a deterioration over the EUR 364 million shortfall recorded in the same month the year before.
The trade balance recorded a deficit of EUR 532 million - the largest on record - which was down from the EUR 386 million deficit seen in December the previous year. The figure mainly reflects a decline in exports, which deteriorated from a 0.5% year-on-year contraction in November to a 13.1% decline in December. Meanwhile, imports contracted 9.2%, a small improvement from the 10.5% fall recorded in November.
For the whole year 2012, the current account balance recorded a EUR 3.3 billion deficit, approximately 1.6% of GDP.