Finland Current Account July 2022


Finland: Current account deficit rises in July

September 12, 2022

The current account recorded a EUR 0.3 billion deficit in July, deteriorating from the EUR 0.1 billion deficit booked in June (July 2021: EUR 0.5 billion surplus). Meanwhile, the 12-month trailing current account deficit increased, coming in at EUR 5.5 billion in July (June: EUR 4.6 billion deficit).

The merchandise trade balance worsened from the previous month, recording a EUR 0.1 billion deficit in July (June 2022: EUR 0.1 billion surplus). Merchandise exports growth slowed to 28.4% annually in July, following June’s 34.1% upturn. Meanwhile, merchandise imports grew 33.9% on an annual basis in July (June: +37.0% yoy), marking the weakest result since February 2022.

FocusEconomics Consensus Forecast panelists see a deficit of 0.8% of GDP in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, panelists project a deficit of 0.4% of GDP.


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Finland Current Account Chart

Finland Current Account July 2022

Note: Monthly and 12-month current account balance in EUR billion.
Source: Statistics Finland.

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