Finland Economic Activity July 2020

Finland

Finland: Decline in economic activity softens further in July

September 15, 2020

Economic activity decreased 2.8% year-on-year in working-day adjusted terms in July. Although the reading marked the fifth consecutive contraction in monthly activity, it was the smallest contraction over the five-month period, following June’s 4.2% drop.

July’s softer contraction was driven by the increase in the primary sector—including the agriculture, forestry and fishing subsectors—which doubled the growth rate. Moreover, the services sector decreased at a much slower pace, likely improving following the reopening of borders.

On a seasonally-adjusted monthly basis, economic activity grew by 0.9% in July, a softer increase than June’s 1.5% rise. Meanwhile, the trend pointed down further, with the annual average variation of economic activity coming in at minus 1.3% in July, down from June's minus 1.0%.

FocusEconomics panelists forecast the economy to contract 5.6% in 2020, which is up 0.7 percentage points from last month’s forecast, before expanding 3.5% in 2021, which is down 0.3 percentage points from last month’s estimate.


Author:, Junior Economist

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Finland GDP Monthly July 20 20

Note: Year-on-year and annual average variation of working-day adjusted Trend Indicator of Output (TIO) in %.
Source: Statistics Finland and FocusEconomics calculations


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