Finland Current Account October 2021

Finland

Finland: Current account swings to deficit in October

December 13, 2021

The current account recorded a EUR 1.9 billion deficit in October, swinging from September’s EUR 1.1 billion surplus (October 2020: 0.8 billion surplus). Meanwhile, the 12-month trailing current account surplus narrowed, coming in at EUR 2.8 billion in October (September 2021: EUR 5.6 billion; October 2020: EUR 1.0 billion).

The merchandise trade balance deteriorated from the previous month, recording a EUR 0.1 billion surplus in October (September 2021: EUR 0.7 billion surplus; October 2020: EUR 0.5 billion surplus). The result reflected merchandise exports increasing 17.1% over the same month last year in October (September: +34.3% year-on-year). Meanwhile, merchandise imports soared 26.4% in annual terms in October (September: +21.0% yoy). Meanwhile, the financial account registered a EUR 5.2 billion net capital inflow in November (September 2021: EUR 0.8 billion net inflow; October 2020: EUR 1.7 billion inflow). November’s result was largely due to greater inflows of financial derivatives and reserve assets compared to September.

FocusEconomics Consensus Forecast panelists project the current account to record a surplus of 0.6% of GDP in 2022, which is up 0.4 percentage points from last month’s estimate. In 2023, panelists see the current account balanced.


Author:, Economist

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Finland Current Account Chart


Finland Current Account October 2021

Note: Monthly and 12-month current account balance in EUR billion.
Source: Statistics Finland.


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