Finland Economic Activity March 2020


Finland: Economic activity drops at sharpest rate in over seven years in March

May 15, 2020

Economic activity fell 2.7% year-on-year in working-day adjusted terms in March, contrasting February’s revised 1.2% increase (previously reported: +1.0% year-on-year) and marking the sharpest fall since March 2013.

The broad-based decline was driven by shrinking output in both the secondary—which includes manufacturing and construction—and services sectors. Meanwhile, the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—posted a seventh consecutive month of falling output.

On a seasonally-adjusted monthly basis, decreased 1.7% in March, which was below February’s revised 0.1% fall (previously reported: +0.4% month-on-month). The reading marked the worst result since January 2013. Meanwhile, annual average growth fell to 1.0% in March (February: +1.4%), signaling a worsening trend in the sector.

FocusEconomics panelists forecast the economy to contract 5.5% in 2020, which is down 2.3 percentage points from last month’s forecast, before expanding 4.2% in 2021.

Author:, Economist

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Finland Economic Activity Chart

Finland GDP Monthly March 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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