Finland: Current account improves in March
May 15, 2012
In March, the current account balance incurred a deficit of EUR 42 million, which represents an improvement over the EUR 211 million deficit recorded in February (previously reported: EUR 230 billion deficit) and the EUR 636 million shortfall recorded in the same month last year. The trade balance swung from a EUR 381 million deficit in February to a EUR 102 million surplus in March, mostly reflecting a sharp decline in imports that outpaced a moderation in exports. Imports plunged 10.3%, which contrasted the 8.9% expansion recorded in February. Exports also fell into negative territory, contracting 1.1%, which contrasted the 0.6% increase seen in February. As a result, the 12-month moving sum of the current account balance improved, stepping up from minus EUR 1.9 billion in February to minus EUR 1.3 billion in March.