Finland Economic Activity July 2021


Finland: Economic activity growth eases in July

September 15, 2021

Economic activity expanded 5.5% year-on-year in working-day adjusted terms in July (June: +9.1% yoy), marking a four-month low. The result was partly due to a less favorable base effect. Meanwhile, the trend improved, with annual average economic activity growth coming in at 0.8% in July (June: +0.1%), which marked an over one-year high.

July’s slowdown was due to activity in the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—dropping back to a contraction from June’s expansion. Moreover, activity in the services sector increased at a softer pace. More positively, secondary production growth accelerated in July,

On a seasonally-adjusted monthly basis, economic activity rose at a more moderate pace of 0.2% in July (June: +1.2% mom)..

FocusEconomics panelists forecast the economy to expand 2.8% in 2021, which is up 0.1 percentage points from last month’s forecast, and grow 2.8% in 2022.

Author:, Junior Economist

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Finland Economic Activity Chart

Finland GDP Monthly July 2021

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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