Finland: Economic activity contracts most in three years
February 14, 2013
In December, economic activity decreased a working-day adjusted 2.3% over the same month the previous year, based on the monthly Trend Indicator of Output. The negative reading followed a 1.0% contraction in November and marked, in fact, the largest contraction seen in three years. The decline was broad-based, with all the three main sectors - primary, secondary and services - contracting in December.
On a monthly basis, economic output increased a seasonally and working-day adjusted 0.1% over the previous month, which contrasted the 0.2% fall recorded in November.
Based on preliminary data, the statistical institute estimates GDP to have fallen a seasonally adjusted 0.5% over the preceding three-month period in Q4, which would contrast the 0.1% rise recorded in the third quarter. In annual terms, the statistical institute estimates the economy to have fallen a working-day adjusted 1.8% in Q4.
The Central Bank expects the overall economy to grow 0.3% this year before accelerating to a 1.5% expansion next year.