Finland: Current account surplus registered in May
July 10, 2015
The current account posted a EUR 338 million surplus in May. This result represented an improvement compared to the EUR 316 million shortfall recorded in the same month last year and is the highest reading in eight months.
The trade balance registered a surplus of EUR 585 million in May, improving on the EUR 507 million surplus recorded in May 2014. On an annual basis, exports fell a significant 11.7%, which contrasted last month’s revised reading of 1.6% (previously reported: 1.3% year-on-year) and marked the lowest figure in March 2013. Imports contracted 14.6%, which, although drastic, was still an improvement over April’s revised 17.0% decrease (previously reported: -16.9% year-on-year).
In the 12 months up to May, the current account balance recorded a EUR 2.0 billion deficit. The figure represented the smallest average current account deficit since October 2011. The print was up from the EUR 2.7 billion shortfall recorded in the 12 months leading up to April.
Author: Robert Hill, Economist