Finland Economic Activity May 2020


Finland: Economic activity drops at sharpest pace since November 2009 in May

July 15, 2020

Economic activity dropped 5.5% year-on-year in working-day adjusted terms in May (April: -5.3% yoy). The reading marked the third consecutive contraction in monthly activity and the worst reading since November 2009.

May’s deterioration was driven by a steeper contraction in output in the secondary sector—which includes manufacturing and construction—and the services sector. However, the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—grew strongly in the month, softening the overall decline somewhat.

On a seasonally-adjusted monthly basis, economic activity fell at a sharper rate of 0.7% in May (April: -0.2% mom). Accordingly, the trend pointed down, with the annual average variation of economic activity coming in at minus 0.4% in May, contrasting April's plus 0.2% reading and marking the first contraction since October 2015.

FocusEconomics panelists forecast the economy to contract 6.5% in 2020, which is up 0.1 percentage points from last month’s forecast, before expanding 3.7% in 2021.

Author:, Economist

Sample Report

Looking for forecasts related to Economic Activity in Finland? Download a sample report now.


Finland Economic Activity Chart

Finland GDP Monthly May 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

Finland Economic News

More news

Search form