Finland: Current account swings to deficit in October
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.