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Finland Economic Activity March 2024

Finland: Monthly economic activity contracts at sharpest pace since August 2023 in March

Economic activity declined 1.0% in month-on-month seasonally adjusted terms in March, which contrasted February’s 0.1% increase. The outturn marked the worst reading since August 2023. Looking at the details of the release, the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors— gained steam in March, and the secondary sector sector also improved.

On an annual basis, economic activity decreased 0.8% in March, contrasting February’s 1.5% expansion. Moreover, the trend pointed down, with the annual average variation of economic activity coming in at minus 0.4% in March, down from February’s minus 0.3% reading.

Meanwhile, seasonally adjusted GDP was estimated to have risen by about 0.5% quarter on quarter in Q1 2024, improving from Q4 2023’s 0.8% decline and marking the end of Finland’s short-lived recession.

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