Finland GDP May 2016


Finland: Economic activity contracts in May

July 15, 2016

In May, economic activity dropped a working-day adjusted 0.3% over the same month last year, according to the Monthly Trend Indicator of Output. The reading marked the largest contraction in seven months and followed April’s revised 0.6% decrease (previously reported: -1.0% year-on-year). May’s decline mainly reflected a drop in the secondary and services sectors of the economy.

On a monthly basis, economic output in May fell 0.6% in seasonally-adjusted terms, which followed April’s 0.3% contraction. The trend was stable as annual average growth in economic activity in May was level with April’s 0.8% increase.

The Central Bank expects the economy to expand 0.7% in 2016 and 1.0% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 0.7% in 2016, which is unchanged from last month’s projection. For 2017, the panel sees GDP increasing 1.1%.

Author: Teresa Kersting, Economist

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Finland GDP Chart

Finland GDP Monthly May 2016 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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