Finland: Finland logs a current account deficit for the first time in nine months in March
May 15, 2018
In March, the current account was in a deficit for the first time since June last year due to a deterioration in the primary and secondary income accounts, according to Statistics Finland.
The current account, logging a deficit of EUR 0.14 billion in March, was lower than February’s EUR 0.25 billion surplus. Moreover, the current account balance was lower than that recorded in the same month a year earlier (surplus of EUR 0.06 billion).
In the 12 months leading up to March, the current account surplus dipped to EUR 1.5 billion from February’s EUR 1.7 billion.
While the current account balance deteriorated in March, the trade balance improved to EUR 0.25 billion from EUR 0.09 billion in February. Exports decreased 1.6% compared to the same month a year earlier, a contrast to February’s 7.4% growth. Imports, meanwhile, increased in March (+1.6% year-on-year) but at a much slower pace than in February (+6.0% year-on-year).
Author: Edward Gardner, Economist