Finland Economic Activity June 2022

Finland

Finland: Monthly economic activity drops at sharpest pace since January in June

August 17, 2022

Economic activity slid 0.2% in month-on-month seasonally-adjusted terms in June, which contrasted May's 0.2% increase. June's result marked the worst reading since January. The reading came on the back of weaker activity the services sector. Meanwhile, the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—gained steam.

On an annual basis, economic activity rose at a softer pace of 1.0% in June (May: +2.6% yoy), the worst result since March 2021. Moreover, the trend pointed down, with the annual average growth of economic activity coming in at 3.1% in June, down from May's 3.7% reading.

Meanwhile, according to preliminary estimates, the economy grew 0.6% quarter on quarter in seasonally adjusted terms in Q2 (Q1: +0.5%).

FocusEconomics panelists project GDP to grow 1.7% in 2022, which is down 0.1 percentage points from last month’s forecast, and 1.1% in 2023.


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Finland GDP Monthly June 2022 1

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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