Finland: Current account deficit narrows in June
August 15, 2016
The current account posted a EUR 219 million deficit in June according to Statistics Finland. The result contrasted the 382 million surplus recorded in the same month last year, but came in above the EUR 364 million deficit recorded in May.
The trade balance registered a surplus of EUR 506 million in June, which marked the largest surplus in over a year and far exceeded the EUR 48 million surplus recorded in May. On an annual basis, exports increased 5.1% in June, which marked the fastest pace of growth in over a year and contrasted the previous month’s 6.4% contraction. Imports expanded at a slower pace, decelerating from 5.3% growth in May to a 2.7% increase in June.
In the 12 months up to June, the accumulative current account balance recorded a EUR 200 million surplus, which was below the accumulated current account reading in May of a EUR 800 million surplus.