Finland: Economic activity growth moderates in October
December 13, 2019
Economic activity grew a working-day adjusted 1.5% in October from the same month a year earlier, down from September’s revised 2.1% reading (previously reported: +0.8% year-on-year), according to Statistics Finland’s latest monthly Trend Indicator of Output release.
The moderation in October came on the back of decreased activity in the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—which slumped this month and thus weighed on the overall reading. Conversely, activity in the secondary sector—which includes manufacturing and construction—and the services sector both grew in October, although at a slower pace than in September.
A month-on-month comparison showed that economic activity on a seasonally-adjusted basis dipped 0.6% in October, contrasting September’s revised 0.1% increase (previously reported: -0.4% year-on-year). Meanwhile, average annual growth in economic activity was up slightly in October at 1.3% from 1.2% the month prior.
Author: Stephen Vogado, Economist