Finland: Economic activity growth speeds up to three-month high in September
November 16, 2021
Economic activity rose to a three-month high of 5.0% year-on-year in working-day adjusted terms in September, accelerating from August’s 4.3% increase. Meanwhile, the trend improved, with the annual average growth of economic activity coming in at 2.1%, up from August's 1.5%.
September’s improvement was due to secondary production growth picking up from the prior month, which more than offset slower activity increases in the services sector and in the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors.
On a monthly basis, economic activity grew 0.1% in seasonally-adjusted terms in September, which was below August’s 0.5% expansion.
Moreover, preliminary national accounts data showed the Finnish economy continued to improve in the third quarter, although momentum waned somewhat. GDP grew 0.9% in seasonally-adjusted terms over the previous quarter (Q2: +2.1% qoq s.a.). Meanwhile, on an annual basis GDP expanded 4.0% in calendar-adjusted terms in Q3, cooling from Q2’s 7.7% increase.
More detailed national accounts data will be published on 30 November.
Author: Marta Casanovas , Economist