Finland: Economic activity declines at steeper pace in August
October 15, 2020
Economic activity decreased 3.3% year-on-year in working-day adjusted terms in August, down from July’s 2.7% drop. The reading marked the sixth consecutive contraction in monthly activity, although it was the second smallest contraction in the six-month period.
August’s fall was largely driven by a sharp contraction in the primary sector—including the agriculture, forestry and fishing subsectors—which swung from strong growth in July to a steep drop. Moreover, the services sector shrank at a slightly quicker pace in August compared to July. However, secondary production contracted at a softer pace in August than in the previous month.
On a seasonally-adjusted monthly basis, economic activity ticked down 0.1% in August, swinging from July’s 0.9% growth. Meanwhile, the trend pointed down further, with the annual average variation of economic activity coming in at minus 1.8% in August, down from July’s minus 1.4%.
Author: Marta Casanovas , Junior Economist