Finland: Current account turns positive in May
July 15, 2013
In May, the current account posted a surplus of EUR 295 million, which contrasted the EUR 1.5 billion deficit observed in April (previously reported: EUR 1.4 billion). The reading represents the largest current account surplus since September 2011.
The trade balance registered a surplus of EUR 279 million in May, exceeding April's EUR 152 million surplus. The result came on the back of a sharp drop in imports, which contracted 9.3%, contrasting the 1.0% increase recorded in April. In addition, exports fell 5.8% in May (April: +2.5% year-on-year).
In the 12 months up to May, the current account balance recorded a EUR 1.9 billion deficit, which was smaller than the EUR 2.9 billion shortfall seen in the 12 months up to April.
FocusEconomics Consensus Forecast panellists expect the current account to reach a deficit of 1.3% of GDP this year, which is down 0.2 percentage points from last month's forecast. For 2014, the panel expects the current account deficit to narrow to 1.1% of GDP.