Finland: Current account swings to deficit in March
May 12, 2021
The current account recorded a EUR 0.7 billion deficit in March, markedly below the EUR 1.1 billion deficit logged in the same month last year and swinging from the EUR 0.2 billion surplus posted in February. In the 12 months leading up to March, the current account recorded a EUR 1.8 billion surplus, which contrasted the EUR 2.4 billion shortfall in March 2020.
The merchandise trade balance posted a EUR 0.2 billion surplus in March, up from the prior month’s EUR 0.1 billion surplus and matching March 2020’s result. The print largely reflected merchandise imports growing faster than goods exports.
Meanwhile, the financial account registered a EUR 0.3 billion net capital outflow in March, easing from the EUR 0.1 billion net outflow logged in March 2020 (February 2021: EUR 39 million net inflow). March’s print chiefly reflected large outflows in portfolio and direct investments.
Author: Marta Casanovas , Junior Economist