Finland: Finland logs a current account deficit for the fourth consecutive month in June
August 15, 2018
The current account balance improved in June but nevertheless remained in a deficit for the fourth consecutive month. This was due to the primary and secondary income accounts logging outflows, according to data from Statistics Finland.
The current account balance was minus EUR 0.44 billion in June, an improvement over the EUR 0.52 billion deficit in May. The current account balance was EUR 0.19 billion more in June than in the same month last year.
In the 12 months leading up to June, the current account surplus rose to EUR 0.31 billion from May’s EUR 0.11 billion.
The trade balance rose to EUR 0.38 billion in June from EUR 0.14 billion in May. Exports rose 5.1% compared to the same month a year earlier, representing a contrast with the 3.8% fall in May. The stronger reading came amid a significant increase in passenger car and pulp exports. Meanwhile, imports grew 3.1% in June, slightly less than the 3.4% expansion in May.
Author: Edward Gardner, Economist