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Finland: Economic activity contracts in August

October 15, 2015

In August, economic activity contracted a working-day adjusted 2.1% over the same month last year, according to the monthly Trend Indicator of Output. The figure was weaker than the 0.5% expansion recorded in July. August’s contraction was driven by a decrease in primary, secondary and goods and services output.

On a monthly basis, economic output recorded a 2.7% contraction in seasonally-adjusted terms in August, which was below the revised 0.2% decrease recorded in July (previously reported: 0.0% month-on-month) and marked the lowest figure since December 2012. Annual average growth in economic activity in August was stable at July’s reading of minus 0.1%.

The Central Bank expects the economy to expand 0.2% in 2015 and 1.2% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 0.1% in 2015, which is unchanged from last month’s projection. For 2016, the panel sees GDP increasing 0.9%, which down 0.2 percentage points from last month’s projection.


Author:, Economist

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Finland GDP Chart


Finland GDP Monthly August 2015

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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