Finland: Current account swings to deficit in July
September 12, 2013
The current account posted a shortfall of EUR 123 million in July, which contrasted the EUR 310 million surplus observed in June (previously reported: EUR 327 million).
The trade balance registered a deficit of EUR 90 million in July, contrasting EUR 357 million surplus in June. The result came on the back of a drop in exports, which contracted 2.6% following the 4.4% decrease recorded in June. In addition, imports added 2.3% in July (June: -8.7% year-on-year).
In the 12 months up to July, the current account balance recorded a EUR 1.5 billion deficit. This was larger than the EUR 1.3 billion shortfall seen in the 12 months up to June.
FocusEconomics Consensus Forecast panelists 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.