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.