Finland: Current account deficit decreases in April
June 15, 2015
The current account posted a EUR 802 million deficit in April. This represented an improvement in the current account deficit compared to the EUR 1,262 million shortfall recorded in the same month last year and marked the lowest deficit in nine months.
The trade balance registered a surplus of EUR 711 million in April, contrasting the EUR 175 million deficit recorded in April 2014. The figure was the highest recorded since October 2010. On an annual basis, exports rose 1.3% which was below last month’s revised reading of 5.6% (previously reported: 5.5% year-on-year). Imports contracted a dramatic 16.9%, contrasting March’s 2.3% increase. The contraction in imports was the lowest figure since October 2009, and was due in part to decreased domestic demand for crude oil, plastics and steel.
In the 12 months up to March, the current account balance recorded a EUR 2.6 billion deficit. The figure represented the smallest average current account deficit since November 2011. The print was up from the EUR 3.1 billion shortfall recorded in the 12 months leading up to March.
Author: Robert Hill, Economist