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%.
Author: Marta Casanovas , Junior Economist