Finland GDP June 2016


Finland: Economic activity decelerates in June

August 12, 2016

In June, economic activity expanded a working-day adjusted 0.5% over the same month last year, according to the Monthly Trend Indicator of Output. The reading was down from May’s 0.9% increase and marked the slowest pace of growth in eight months. June’s slowdown mainly reflected a decline in secondary production and a stagnation in services. Conversely, primary production picked up in June.

On a monthly basis, economic output in June fell 0.1% in seasonally-adjusted terms, which followed May’s flat reading. The trend was stable as annual average growth in economic activity in June was level with May’s 0.9% increase.

Moreover, Statistics Finland noted that in Q2, GDP likely expanded 1.3% year-on-year in working-day adjusted terms, which would mark an acceleration compared to Q1’s 1.0% expansion. In seasonally-adjusted terms, GDP likely expanded 0.3% over the previous quarter in Q2. This reading would mark a pickup over the modest 0.1% increase registered in Q1. Q2’s preliminary GDP estimate is based on preliminary data of the Trend Indicator of Output and more detailed GDP data for Q2 will be released on 6 September.

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 1.0% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, the panel sees GDP increasing 1.0%.

Author: Teresa Kersting, Economist

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Finland GDP Chart

Finland GDP Monthly June 2016 0

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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