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Finland: Economic activity records largest decline in nine months in December

February 13, 2015

In December, economic activity fell a working-day adjusted 1.2% over the same month of the previous year, according to the monthly Trend Indicator of Output. The reading contrasted the revised 1.0% expansion recorded in November (previously reported: +0.9% year-on-year) and marked the largest drop since March 2014. December’s fall mainly reflected a broad-based deterioration, with the primary and services sectors dipping into the red and the secondary sector dropping further.

On a monthly basis, economic output contracted 1.4% in seasonally- and working-day adjusted terms in December, coming in below November’s 0.5% contraction and marking the worst reading in 20 months. Annual average growth in economic activity stabilized at November’s 0.1% in December.

According to the series adjusted for working days, the economy declined 0.3% year-on-year in Q4, while GDP fell a seasonally-adjusted 0.3% in Q4 over the previous quarter.

The Central Bank expects the economy to contract 0.1% in 2015 and to expand 1.0% in 2016. FocusEconomics Consensus Forecast panelists are more optimistic and expect GDP to expand 0.7% in 2015, which is down 0.1 percentage points from last month’s projection. For 2016, the panel sees GDP increasing 1.3%.


Author: Teresa Kersting, Economist

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Finland GDP Monthly December 2014

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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