Finland: Current account records deficit in January
March 15, 2016
The current account posted a EUR 86 million deficit in January, according to Statistics Finland. This deficit was wider than the EUR 56 million deficit recorded in the same month last year, and contrasted the revised EUR 27 million surplus recorded in December (previously reported: EUR 191 million deficit.)
The trade balance registered a deficit of EUR 83 million in January, a larger deficit than the EUR 28 million deficit recorded in January 2015, and marking the largest shortfall since July 2014. On an annual basis, exports fell 9.4% in January, which followed the previous month’s 1.0% contraction. Imports decreased 8.0%, contrasting the 1.9% increase recorded in December.
In the 12 months up to January, the current account balance recorded a EUR 300 million surplus. The figure was in line with December’s surplus of EUR 300 million and represents the lowest accumulated current account surplus in seven months.
Author: Robert Hill, Economist