Finland: Economic activity deteriorates in May
July 15, 2015
In May, economic activity contracted a working-day adjusted 1.2% over the same month last year, according to the monthly Trend Indicator of Output. The figure marked the lowest reading in four months and was a deterioration of the revised 0.2% contraction recorded in April (previously reported: -1.2% year-on-year). May’s contraction was driven by decreases in both secondary production and services.
On a monthly basis, economic output fell 0.5% in seasonally- and working-day adjusted terms in May, which followed the 0.8% decreased recorded in April’s revised figure (previously reported: -1.1% month-on-month). Annual average growth in economic activity fell 0.4% in May, which mirrored April’s reading.
Author: Robert Hill, Economist