Finland: Economic activity deteriorates further in December
February 15, 2014
In December, economic activity decreased a working-day adjusted 1.9% over the same month of the previous year according to on the monthly Trend Indicator of Output. The negative reading followed the 1.6% contraction recorded in November. The fall was the result of a decline in the secondary and services sectors, which more than offset the improvement registered in the primary sector.
On a monthly basis, economic output contracted a seasonally and working-day adjusted 0.3% over the previous month, which followed the 0.9% fall recorded in November. Despite the contraction, the annual average growth in economic activity remained at November's minus 1.3% in December.
The Central Bank expects the economy to expand 0.6% in 2014 and to accelerate to 1.7% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to grow 1.0% this year, which is down 0.1 percentage points from last month's projection. For 2015, the panel sees GDP expanding at 1.8%.