Finland Current Account May 2022

Finland

Finland: Current account deficit shrinks in May

July 12, 2022

The current account recorded a EUR 1.6 billion deficit in May, improving from the EUR 2.3 billion deficit booked in April (May 2021: EUR 0.2 billion surplus). Meanwhile, the 12-month trailing current account deficit deepened, coming in at EUR 3.2 billion in May (April: EUR 1.5 billion deficit).

The merchandise trade balance remained unchanged from the previous month, recording a EUR 0.2 billion shortfall in May (April 2022: EUR 0.2 billion deficit). Merchandise exports jumped 30.9% in annual terms in May, following April’s 27.0% jump. Meanwhile, merchandise imports jumped 46.2% over the same month last year in May (April: +34.2% yoy), marking the strongest reading since December 2021.

Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 0.4 billion surplus in May, compared to the USD 1.1 billion surplus in April.

FocusEconomics Consensus Forecast panelists see a deficit of 0.4% of GDP in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, panelists project a deficit of 0.2% of GDP.


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Finland Current Account Chart


Finland Current Account May 2022 0

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


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