Finland Current Account

Finland

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.


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Finland Current Account Chart


Finland Current Account December 2012

Note: Monthly and 12-month current account balance in EUR billion.
Source: Bank of Finland (BoF).


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