Finland: Current account surplus largest in four-and-a-half years
August 14, 2015
The current account posted a EUR 589 million surplus in June. This result represented an improvement compared to the EUR 163 million shortfall recorded in the same month last year and was the highest reading since December 2010.
The trade balance registered a surplus of EUR 446 million in June, greater than the EUR 100 million surplus recorded in June 2014. On an annual basis, exports fell 0.4%, which was much less pronounced than last month’s revised 11.3% contraction (previously reported: -11.9% year-on-year). Imports contracted 8.0%, which, although drastic, was still an improvement over May’s revised 14.3% decrease (previously reported: -14.6% year-on-year).
In the 12 months up to June, the current account balance recorded a EUR 1.5 billion deficit. The figure represented the smallest average current account deficit since September 2011. The print was up from the EUR 2.3 billion shortfall recorded in the 12 months leading up to May.
Author: Robert Hill, Economist