Finland: Economic activity rebounds in January
March 14, 2014
In January, economic activity expanded a working-day adjusted 0.2% over the same month last year according to on the monthly Trend Indicator of Output. The reading contrasted the revised 1.5% contraction seen in December (previously reported: -1.9% year-on-year). The expansion was the result of a strong increase in the services sector, which registered the strongest expansion since April 2012 and more than offset the decline tallied in the primary and secondary sectors. On a monthly basis, economic output expanded a seasonally- and working-day adjusted 0.5% in January, which was up from the revised flat reading tallied in December (previously reported: -0.3% month-on-month). As a consequence of the expansion, annual average growth in economic activity improved from December's -1.5% to -1.2% in January, and now sits at the highest level since December 2012. The Central Bank expects the economy to expand 0.6% in 2014 and to accelerate to 1.7% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to grow 1.0% this year, which is unchanged from last month's projection. For 2015, the panel sees GDP expanding at 1.8%.