Finland: Economic activity accelerates to fastest pace in more than two years
April 15, 2014
In February, economic activity expanded a working-day adjusted 0.4% over the same month last year according to the monthly Trend Indicator of Output. The reading contrasted the revised 0.4% contraction seen in January (previously reported: +0.2% year-on-year) and represents the largest growth rate since January 2012. The expansion was the result of an increase in the services sector which more than offset the decline tallied in the primary and secondary sectors.
On a monthly basis, economic output expanded a seasonally- and working-day adjusted 0.2% in February, which was down from the revised 0.8% expansion recorded in January (previously reported: +0.5% month-on-month). As a consequence of the expansion, annual average growth in economic activity improved from January's minus1.3% to minus 0.9% in February, and now sits at the highest level since November 2012.
The Central Bank expects the economy to expand 0.6% in 2014 and to accelerate to 1.7% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to grow 0.6% this year, which is down 0.4 percentage points from last month's projection. For 2015, the panel sees GDP expanding at 1.7%.
Author: Armando Ciccarelli, Head of Data Solutions