Finland: Current account deficit unchanged in July
The current account recorded a EUR 0.2 billion deficit in July, matching the prior month’s shortfall (July 2022: EUR 1.0 billion deficit). Meanwhile, in the 12 months leading up to July, the current account posted a EUR 4.1 billion deficit, narrowing from the EUR 4.9 billion deficit posted in June.
The merchandise trade balance worsened from the previous month, recording a smaller EUR 0.2 billion surplus in July (June: EUR 0.4 billion surplus). Merchandise exports nosedived 18.4% in annual terms in July, deteriorating from June’s 16.7% year-on-year contraction. July’s figure marked the steepest fall since May 2020. Similarly, merchandise imports plummeted 24.2% in annual terms in July (June: -19.5% yoy), marking the worst reading since April 2020.