Finland: Current account deficit reduces in April
June 12, 2020
The current account deficit slimmed to EUR 0.3 billion in April, down markedly from the EUR 1.2 billion shortfall recorded in March 2020 and the EUR 4.6 billion deficit lodged in April 2019.
In the 12 months leading up to April, the current account balance logged a surplus of EUR 0.9 billion, up sharply from March’s EUR 3.3 billion deficit and marking the first surplus recorded for a 12-month period since September 2011.
The merchandise trade balance came in at a EUR 0.3 billion surplus in April following the EUR 0.2 billion surplus recorded in March (April 2019: EUR 0.3 billion deficit). Exports dropped 12.5% in April compared with the same month a year earlier, a faster rate than the 8.0% contraction in March, while imports tumbled 24.1% this month, having fallen 6.5% in the month prior.
Author: Stephen Vogado, Economist