Finland: September sees largest current account surplus this year
November 15, 2011
The current account balance incurred a surplus of EUR 455 million in September, which came in well above the revised EUR 97 million surplus observed in August (previously reported: EUR 174 million surplus). In addition, the robust reading marked the largest current account surplus this year. The larger current account surplus mainly reflected a swing in the trade balance, which passed from minus EUR 26 million in August to plus EUR 280 million in September. Lower imports, which fell from a 14.3% increase in August over the same month last year to a 1.7% contraction in September, were the main driver behind the larger trade surplus. Export growth moderated as well but remained in positive at 3.1% (August: +10.6% yoy). In addition, the services and income balance surplus widened from EUR 273 million in August to EUR 325 million in September, whereas the current transfers balance recorded a shortfall of EUR 150 million for the third consecutive month. Owing to the healthy current account reading, the moving 12-month current account balance surplus rose from EUR 1.9 billion in August to EUR 2.1 billion in September.