Finland Economic Activity March 2022

Finland

Finland: Economic activity records quickest growth since June 2021 in March

May 17, 2022

Economic activity rose 5.4% year-on-year in working-day adjusted terms in March, which was above February's 3.6% increase. The figure marked the best result since June 2021.

The pickup was due to improved growth in the services sector, supported by looser Covid-19 restrictions and stronger consumer spending. Meanwhile, secondary production registered another month of growth despite supply chain disruptions and rising producer prices. On the downside, the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—contracted.

On a seasonally-adjusted monthly basis, economic activity rose at a quicker rate of 0.2% in March (February: +0.1% mom). Meanwhile, annual average economic activity growth rose to 4.6% in March (February: +4.2%), pointing to an improving trend.

Preliminary estimates for GDP in Q1 point to 4.3% growth in annual working-day adjusted terms . GDP is estimated to have grown by 0.4% over the previous quarter, marking a moderation from Q4’s 0.7% increase. Price spikes in the first months of the year were likely compounded by global supply chain disruptions amid the fallout from the war in Ukraine, ultimately weighing on activity.

FocusEconomics panelists project GDP to grow 2.0% in 2022, which is down 0.4 percentage points from last month’s forecast, and 1.5% in 2023.


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Finland GDP Monthly March 2022 9

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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