Finland: Economic activity growth decelerates in June
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.