Finland Economic Activity May 2022


Finland: Monthly economic activity dips in May

July 15, 2022

Economic activity dropped 0.2% month on month in seasonally-adjusted terms in May (April: +0.5% mom). The figure was largely due to a deterioration in the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors. In contrast, activity in the secondary sector fell at a more moderate pace.

On an annual basis, economic activity rose 2.5% in May, which was below April’s 4.2% expansion and marking the weakest result since November 2021. Consequently, the trend pointed down, with the annual average growth of economic activity coming in at 3.8%, down from April's 4.2%.

Growth should have flatlined in the second quarter due to rising consumer and producer prices, supply shocks disrupting industrial activity and the loss of trade with Russia—Finland’s fifth-largest export market. Nevertheless, conditions should improve in the third quarter, owing to Finland’s diversified sourcing of raw materials formerly imported from Russia and elevated household savings curbing the impact of rising inflation. That said, growing uncertainty regarding the global economic outlook poses a major risk to Finland’s growth prospects.

FocusEconomics panelists project GDP to grow 1.8% in 2022, which is unchanged from last month’s forecast, and 1.4% in 2023.


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Finland Economic Activity Chart

Finland GDP Monthly May 2022

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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