Finland: Current account records surplus for second consecutive month
August 15, 2013
The current account posted a surplus of EUR 327 million in June, which exceeded the EUR 279 million surplus observed in May (previously reported: EUR 295 million). The reading represents the largest current account surplus since September 2011.
The trade balance registered a surplus of EUR 425 million in June, far exceeding May's EUR 261 million surplus. The result came on the back of a sharp drop in imports, which contracted 11.2%, following the 8.9% decrease recorded in May. In addition, exports fell 5.9% in June (May: -6.8% year-on-year).
In the 12 months up to June, the current account balance recorded a EUR 1.6 billion deficit. This was smaller than the EUR 1.9 billion shortfall seen in the 12 months up to May.
FocusEconomics Consensus Forecast panellists expect the current account deficit to reach 1.3% of GDP this year, which is down 0.2 percentage points from last month's forecast. For 2014, the panel expects the current account deficit to narrow to 1.1% of GDP.