Finland: Economic activity growth accelerates in August
October 15, 2018
Economic activity grew a working-day adjusted 2.3% in August compared to the same month last year, up from the revised 1.7% expansion in July (previously reported: +1.5% year-on-year).
The economy had a mixed sector-by-sector performance in August. Services production, the largest output category in Finland, expanded 0.7%, down from 1.3% in July. Primary production, which captures the agriculture, forestry and fishing sectors, increased a meager 1.1%, significantly down from the 8.2% increase in July. Secondary production, which includes the manufacturing and construction sectors, had a better performance in August; it grew 6.9%, up from 2.4% in July.
A month-on-month comparison shows that economic activity on a seasonally-adjusted basis expanded 0.2% in August, contrasting the revised 0.4% contraction in July (previously reported: -0.5% year-on-year). Average year-on-year growth in economic activity remained steady at July’s 2.4% in August.
Finland GDP Forecast
FocusEconomics Consensus Forecast panelists expect an economic expansion of 2.7% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees GDP increasing 2.1%.
Author: Edward Gardner, Economist