Finland: Economic activity growth picks up pace in December; momentum slowed somewhat in Q4
Economic activity grew 4.5% year-on-year in working-day adjusted terms in December, which was above November’s 4.2% increase.
December’s upturn was primarily due to activity in secondary production expanding at a notable higher pace than in November. This more than offset the services sector growing at a softer pace in December, and activity in the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—declining in December from November’s growth.
On a monthly basis, economic activity grew 0.7% in seasonally-adjusted terms in December, which was better than November’s 0.6% expansion. Meanwhile, annual average economic activity growth rose to 3.9% in December (November: +3.3%), pointing to an improving trend.
Moreover, preliminary national accounts data shower the Finnish economy continued to improve in the fourth quarter of 2021, although momentum waned somewhat. GDP expanded 0.6% in seasonally-adjusted terms over the previous quarter (Q3: +0.8% s.a. qoq). Meanwhile, on an annual basis GDP grew 3.7% in calendar-adjusted terms in Q4, cooling from the previous quarter’s 4.0% increase.
More detailed national accounts data will be published on 28 February.