Finland Economic Activity August 2020


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%.

FocusEconomics panelists forecast the economy to contract 4.2% in 2020, which is up 1.4 percentage points from last month’s forecast, before expanding 3.0% in 2021, which is down 0.5 percentage points down 0.5 percentage points from last month’s estimate.

Author:, Junior Economist

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Finland Economic Activity Chart

Finland GDP Monthly August 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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