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.
Author: Edward Gardner, Economist