Finland Economic Activity April 2020


Finland: Economic activity drops at sharpest rate in over a decade in April

June 16, 2020

Economic activity fell 7.9% year-on-year in working-day adjusted terms in April, worsening from March’s downwardly-revised 5.7% decrease (previously reported: -2.7% year-on-year) and marking the sharpest fall since November 2009.

April’s downturn was driven by shrinking output in the services sector, which contracted at a markedly faster pace than in the month prior. Meanwhile, both the secondary—which includes manufacturing and construction—and primary sector—encapsulating agriculture, forestry and fishing sub-sectors—contracted at a softer albeit still sharp pace than in March.

On a seasonally-adjusted monthly basis, decreased 2.1% in April, which marked an improvement from March’s revised 5.0% fall (previously reported: -1.7% month-on-month). Meanwhile, annual average activity shrank 0.2% in April (March: +0.6%), the first contraction since October 2015 and indicating a worsening trend in the sector.

FocusEconomics panelists forecast the economy to contract -% in 2020, which is from last month’s forecast, before expanding -% in 2021.

Author:, Economist

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Finland Economic Activity Chart

Finland GDP Monthly April 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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