Finland: Economic activity contracts to nearly three-year low in September
November 13, 2015
In September, economic activity contracted a working-day adjusted 2.6% over the same month last year, according to the monthly Trend Indicator of Output. The figure was weaker than the 1.3% contraction recorded in August (previously reported: -2.1% year-on-year) and marked the largest contraction since February 2013. September’s contraction reflected a decrease in primary, secondary and goods and services output.
On a monthly basis, economic output recorded a 0.7% contraction in seasonally-adjusted terms in September, which was level with August’s revised reading (previously reported: -2.7% month-on-month) and tied the lowest figure since January 2013. Annual average growth in economic activity fell from a 0.2% contraction in August to a 0.4% decrease in September.
Statistics Finland also released preliminary estimates for GDP growth in the third quarter of the year. Annual GDP growth in Q3 is estimated to have fallen 0.8% from the corresponding period last year, the most sever contraction since Q2 2013. Seasonally adjusted GDP is expected to have contracted 0.6% over the previous quarter. Statistics Finland will release more accurate data on 4 December.
Author: Robert Hill, Economist