Finland Economic Activity June 2020


Finland: Decline in economic activity softens in June

August 14, 2020

Economic activity dropped 4.8% year-on-year in working-day adjusted terms in June (May: -5.6% yoy); the reading marked the fourth consecutive contraction in monthly activity.

June’s softer deterioration was driven by a slower contraction of the services sector. Nevertheless, the secondary sector—which includes manufacturing and construction—contracted at a faster pace, while the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—grew at a slower pace,

On a seasonally-adjusted monthly basis, economic activity rose 0.9% in June (May: -0.7% mom), the best result since December 2019. However, the trend pointed down, with the annual average variation of economic activity coming in at minus 1.0% in June, down from May's minus 0.4%.

FocusEconomics panelists forecast the economy to contract 6.3% in 2020, which is up 0.2 percentage points from last month’s forecast, before expanding 3.8% in 2021.

Author:, Junior Economist

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Finland Economic Activity Chart

Finland GDP Monthly June 20 20 0

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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