Finland Economic Activity January 2022

Finland

Finland: Economic activity growth falls to 10-month low in January

March 15, 2022

Economic activity increased 3.3% year-on-year in working-day adjusted terms in January (December: +4.4% yoy).

January’s slowdown came on the back of a softer expansion in the services sector. This more than offset activity in secondary production growing at a brisker pace in January. Meanwhile, activity in the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—declined at a more moderate pace.

On a monthly basis, economic activity dropped 0.7% in seasonally-adjusted terms in January, contrasting December’s 1.6% expansion. Meanwhile, annual average economic activity growth rose to 3.8% in January (December: +3.4%), pointing to an improving trend.

FocusEconomics Consensus Forecast panelists forecast GDP to expand 2.7% in 2022, which is unchanged from last month’s forecast. In 2023, panelists foresee economic growth of 1.7%.


Author:, Economist

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Finland GDP Monthly January 2022

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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