Finland GDP June 2018

Finland

Finland: Economic activity growth decelerates in June

August 14, 2018

Economic activity grew a working-day adjusted 3.0% in June compared to the same month last year, down from the revised 3.6% expansion in May (previously reported: +3.4% year-on-year).

Economic activity dynamics were mixed in June. Although services production, the largest output category in Finland, expanded 4.3%, up from 3.7% in May, and primary production, which captures the agriculture, forestry and fishing sectors, grew 9.9%, significantly up from 5.5% in May, secondary production fared less well. Indeed, secondary production, which includes the manufacturing and construction sectors, expanded 1.4% in June, notably less than the 3.9% increase in May.

A month-on-month comparison shows that economic activity on a seasonally-adjusted basis contracted 0.3% in June, contrasting the revised 0.8% expansion in May (previously reported: +0.7% month-on-month). Average year-on-year growth in economic activity remained steady at 2.7% in June.

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 unchanged from last month’s forecast. For 2019, the panel sees GDP increasing 2.2%.


Author:, Economist

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Finland GDP Monthly June 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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