Finland GDP June 2019


Finland: Economic activity growth surges in June

August 14, 2019

Economic activity grew a working-day adjusted 2.2% in June compared to the same month a year earlier, up from May’s 0.8% increase. The acceleration was due to stronger growth in both the dominant services sector and the secondary sector, which includes manufacturing and construction. On the other hand, weighing on the acceleration was a significant contraction in the primary sector, which captures the agriculture, forestry and fishing sub-sectors.

A month-on-month comparison shows that economic activity on a seasonally-adjusted basis increased 0.9% in June, contrasting the revised 0.7% decrease in May (previously reported: -0.9% month-on-month). Annual average year-on-year growth in economic activity accelerated to 0.9% in June from 0.8% in May.

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 June 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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