Finland GDP May 2018


Finland: Economic activity growth accelerates in May

July 13, 2018

Economic activity grew a working-day adjusted 3.4% in May compared to the same month last year, up from the revised 2.6% expansion in April (previously reported: 1.8% year-on-year).

Increased activity in May came as services production, the largest output category in Finland, expanded 3.8%, up from 2.9% in April. Moreover, primary production, which captures the agriculture, forestry and fishing sectors, grew 5.7% in May (April: +7.9% yoy). Meanwhile, secondary production, which includes the manufacturing and construction sectors, grew 2.9% in May, up from 1.9% in April.

A month-on-month comparison shows that economic activity on a seasonally-adjusted basis expanded 0.7% in May, in contrast with the revised 0.5% decrease in April (previously reported: +0.9% month-on-month). Average year-on-year growth in economic activity remained steady at 2.9% in May, unchanged from April.

Finland GDP Forecast

The Central Bank expects the economy to expand 2.9% in 2018 and 2.2% in 2019. FocusEconomics Consensus Forecast panelists expect an economic expansion of 2.7% in 2018, which is up 0.2 percentage points from last month’s forecast. For 2019, the panel sees GDP increasing 2.2%.

Author:, Economist

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Finland GDP Chart

Finland GDP Monthly May 2018

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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