Finland: Current account returns to deficit in September
November 14, 2013
The current account posted a EUR 193 million deficit in September, which contrasted the modest EUR 3.0 million surplus recorded in August and marked the largest shortfall in five months.
The trade balance registered a deficit of EUR 226 million in September, following the EUR 42 million shortfall seen in August (previously reported: EUR 10 million deficit). Exports contracted 0.4% over the same month last year (August: -11.0% year-on-year). The expansion in imports in September marked an eight-month high, increasing 6.8% (August: -8.9% yoy) and thus driving the deterioration in the trade balance.
In the 12 months up to September, the current account balance recorded a EUR 1.7 billion deficit. This was larger than the EUR 1.4 billion shortfall seen in the 12 months up to August.
FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 0.9% of GDP this year, which is up 0.1 percentage points from last month's forecast. For 2014, the panel expects the current account deficit to narrow to 0.6% of GDP, which is also up 0.1 percentage points from last month's estimate.