Finland: Current account registers another hefty shortfall in January
March 14, 2014
The current account posted a EUR 376 million deficit in January. The print marked an improvement over the revised EUR 739 million deficit recorded in December (previously reported: EUR 741 million deficit). The trade balance registered a deficit of EUR 251 million in January, which was up from the revised EUR 403 million deficit recorded in December (previously reported: EUR 356 million deficit). Exports contracted 8.4% over the same month last year (December: +7.2% year-on-year) and imports fell 6.0% in January (December: +2.3% yoy). In the 12 months up to January, the current account balance recorded a EUR 2.2 billion deficit, which exceeded the EUR 2.1 billion shortfall recorded in the 12 months up to December. FocusEconomics Consensus Forecast panelists expect the current account surplus to reach 0.8% of GDP this year, which is unchanged from last month's forecast. For 2015, the panel expects the current account surplus to be at 0.6% of GDP.