Finland Current Account


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.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 1.4% of GDP in 2015. For 2016, the panel expects the current account deficit to be at 1.1% of GDP.

Author: Teresa Kersting, Economist

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Finland Current Account Chart

Finland Current Account January 2015

Note: Monthly and 12-month current account balance in EUR billion.
Source: Bank of Finland (BoF).

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