Finland: Economic activity growth takes a breather in April
June 15, 2018
Economic activity grew a working-day adjusted 1.8% in April compared to the same month last year, down from a significantly revised 4.0% in March (previously reported: +3.1% year-on-year) and the lowest growth rate since August 2016. This is according to the latest monthly Trend Indicator of Output released by Statistics Finland.
The weaker result in April came as services production, the largest output category in Finland, registered a slower pace of growth of 2.0%, down from 2.9% in March. Moreover, secondary production, which comprises the manufacturing and construction sectors, grew 1.3% in April, down substantially from 6.3% in March. Meanwhile, primary production was solid in April, growing 8.1% (March: +2.6% yoy).
A month-on-month comparison shows that economic activity on a seasonally-adjusted basis contracted 0.9% in April, in contrast to the revised 0.9% expansion in March (previously reported: +0.6% month-on-month). Average year-on-year growth in economic activity ticked down to 2.9% in April from 3.0% in March.
Author: Edward Gardner, Economist