Finland GDP July 2019


Finland: Economic activity growth moderates in July after surging in June

September 13, 2019

Economic activity grew a working-day adjusted 1.7% in July compared to the same month a year earlier, down from June’s revised 2.5% increase. Increased activity in July was due to strong growth in the secondary sector, which includes manufacturing and construction, and modest growth in the services sector. On the other hand, the primary sector, which captures the agriculture, forestry and fishing sub-sectors, contracted.

A month-on-month comparison shows that economic activity on a seasonally-adjusted basis decreased 0.8% in July, contrasting June’s revised 1.1% increase (previously reported: +0.9% month-on-month). Meanwhile, average year-on-year growth in economic activity accelerated to 1.0% in July from 0.9% in June.

The Bank of Finland forecasts GDP growth of 1.6% in 2019. For 2020, the Bank forecasts a 1.5% increase in GDP. Our panelists expect an economic expansion of 1.6% in 2019, which is down 0.1 percentage points from last month’s forecast, and 1.4% in 2020.

Author:, Economist

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Finland GDP Chart

Finland GDP Monthly July 2019

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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