Finland: Current account swings to surplus in October
December 13, 2013
The current account posted a EUR 224 million surplus in October, which contrasted the EUR 90 million deficit recorded in September and marked the largest surplus in four months.
The trade balance registered a surplus of EUR 196 million in October, contrasting the EUR 264 million shortfall seen in September. Exports expanded 2.8% over the same month last year (September: -0.3% year-on-year), which marked the highest increase in six months. Imports contracted 1.9% in October (September: +7.8% yoy), which drove the trade balance into positive figures.
In the 12 months up to October, the current account balance recorded a EUR 1.4 billion deficit. The deficit was smaller than the EUR 1.6 billion shortfall recorded in the 12 months up to September.
FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 1.0% of GDP this year, which is unchanged from last month's forecast. For 2014, the panel expects the current account deficit to narrow to 0.7% of GDP, which is also unchanged from last month's estimate.