Finland: Current account records largest deficit in six months in January
March 13, 2015
The current account posted a EUR 530 million deficit in January. Although the print represented a slight improvement compared to the EUR 715 million shortfall recorded in the same month last year, it marked the largest deficit in six months.
The trade balance registered a deficit of EUR 114 million in January, contrasting the EUR 143 million surplus recorded in December. Exports contracted at the fastest pace since August 2013, falling 10.2% over the same month last year (December: +3.6% year-on-year). Imports followed suit and declined 14.1% annually in January (December: -6.9% yoy), which represented the largest drop since October 2009.
In the 12 months up to January, the current account balance recorded a EUR 3.6 billion deficit. The print was up from the EUR 3.8 billion shortfall recorded in the 12 months up to the previous month and represented the smallest deficit in 13 months.