Finland: Economic activity continues to lose steam in September
November 15, 2011
In September, economic activity grew a working-day adjusted 1.6% over the same month last year, based on the Trend Indicator of Output. The print came in at half the 3.2% increase observed in August and marked the slowest pace of expansion since March 2010. Furthermore, a month-on-month comparison suggests a decline, as output contracted a seasonally adjusted 0.6% over the previous month (August: +0.2% mom). The industrial sector led the moderation by growing a working-day adjusted 0.1%, which came in well below the 3.0% year-on-year increase observed in August and marked the worst reading since December 2009. The services sector also moderated, stepping down from a 3.4% year-on-year expansion in August to a 2.1% increase in September. Only the primary sector showed an improvement in September, which grew 5.5% over the same month last year (August: +0.1 % yoy). Based on preliminary data, the statistical institute estimates that GDP increased in the third quarter a seasonally-adjusted 0.3% over the previous quarter. Moreover, the statistical institute projects that GDP grew 2.7% over the same period last year in working-day adjusted terms. Revised and more detailed data will be released on 5 December. In its latest macroeconomic report from June, the Central Bank forecast GDP growth of 3.8% in 2011 and 2.6% in 2012.