Finland: Current account swings to surplus in May
July 13, 2021
The current account recorded a EUR 0.3 billion surplus in May, swinging from the EUR 0.3 billion deficit logged in the same month last year and also contrasting the EUR 0.6 billion deficit posted in April. In the 12 months leading up to May, the current account recorded a EUR 3.0 billion surplus, above the EUR 1.2 billion surplus of May 2020.
The merchandise trade balance posted a EUR 0.4 billion surplus in May, up from the prior month’s EUR 0.1 billion surplus and also above May 2020’s EUR 0.1 billion surplus. The print largely reflected exports growing at a markedly quicker pace than imports.
Meanwhile, the financial account registered a EUR 4.8 billion net capital inflow in May, contrasting the EUR 1.5 billion net outflow logged in May 2020 (April 2021: EUR 1.4 billion net outflow). May’s print chiefly reflected large inflows in portfolio investments.
Author: Marta Casanovas , Junior Economist