Finland: Economic activity growth eases in July
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)..