Finland: Economic activity growth slows in December
February 14, 2017
In December, economic activity expanded a working-day adjusted 1.0% over the same month of the previous year, according to the Monthly Trend Indicator of Output. The reading was notably below November’s revised 2.1% increase (previously reported: +1.6% year-on-year). December’s reading mainly reflected strong growth in the agricultural sector, which more than offset a stagnation in the services sector.
On a monthly basis, economic output growth in December dropped 0.2%, contrasting November’s revised 0.1% increase (previously reported: -0.3% month-on-month). The downturn in activity means the trend is now pointing downwards, with annual average growth in economic activity at 1.3% in December, below November’s 1.4%, which had marked the highest reading in almost five years.
With December’s result, GDP is estimated to have contracted 0.5% on a seasonally-adjusted quarterly basis in Q4 2016. In year-on-year terms, GDP grew 0.2% in Q4. More detailed national accounts data will be published on 1 March.
Author: Christopher Mc Innes, Economist