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%.
Author: Marta Casanovas , Junior Economist