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Finland: Economic activity accelerates in October

December 16, 2014

In October, economic activity rose a working-day adjusted 0.8% over the same month last year, according to the monthly Trend Indicator of Output. The reading, which was slightly up from the revised 0.7% expansion (previously reported: -1.3% year-on-year) recorded in September, mainly reflected increases in the primary and services sectors, which more than offset a drop in the secondary sector.

On a monthly basis, economic output contracted 0.2% in seasonally- and working-day adjusted terms in October, which contrasted the 0.2% expansion recorded in September. Annual average growth in economic activity advanced from September’s minus 0.2% to minus 0.1% in October, marking the lowest contraction since June 2012.

The Central Bank expects the economy to contract 0.1% in 2015 and to expand 1.0% in 2016. FocusEconomics Consensus Forecast panelists are more optimistic and expect GDP to expand 0.7% in 2015, which is down 0.1 percentage points from last month’s projection. For 2016, the panel sees GDP increasing 1.4%.


Author: Teresa Kersting, Economist

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Finland GDP Chart


Finland GDP Monthly October 2014

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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