Finland: Economic activity growth accelerates in November
January 15, 2020
Economic activity grew a working-day adjusted 2.3% in November from the same month a year earlier, up from October’s revised 1.9% reading (previously reported: +1.5% year-on-year), according to Statistics Finland’s latest monthly Trend Indicator of Output release.
The uptick in November came on the back of a rebound in the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—which had slumped in the previous month. Furthermore, activity in the secondary sector, which includes manufacturing and construction, grew at a faster pace than in October. However, the services sector growth slowed from the month prior, capping the overall growth.
A month-on-month comparison showed that economic activity on a seasonally-adjusted basis expanded 0.3% in November, having dipped a revised 0.4% in October (previously reported: -0.6% yoy). Meanwhile, average annual growth in economic activity was up slightly in November at 1.5% from 1.3% in the month prior.
Author: Stephen Vogado, Economist