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Finland Economic Activity June 2023

Finland: Monthly economic activity dips in June

Economic activity decreased 0.3% month on month in seasonally adjusted terms in June (May: +0.6% mom). Looking at the details of the release, the downturn was driven by the secondary sector swinging to a contraction. This more than offset the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—returning to growth in June, and output in the services sector expanding at a faster pace.

On an annual basis, working-day adjusted economic activity rose at a more moderate pace of 0.7% in June (May: +1.1% yoy). Meanwhile, annual average economic activity growth fell to 1.0% in June (May: +1.2%), pointing to a worsening trend.

Additionally, a preliminary estimate revealed the economy grew 0.7% in Q2 on a seasonally adjusted quarter-on-quarter basis (Q1: +0.4% s.a. qoq). A detailed breakdown will be published on 31 August.

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