Finland GDP March 2016


Finland: Economic activity slows in March, but picks up in Q1

May 13, 2016

In March, economic activity rose a working-day adjusted 0.7% over the same month last year, according to the monthly Trend Indicator of Output. The reading marked a slowdown over the 1.9% increase recorded in February and represented the lowest reading in four months. March’s moderate expansion reflected rises in primary and secondary production as well as in the services sector.

On a monthly basis, economic output in March fell 0.4% in seasonally-adjusted terms, which contrasted February’s 0.5% expansion. The trend moderated slightly, as annual average growth in economic activity inched down from February’s over-four-year high of 0.8% to 0.7% in March.

Moreover, Statistics Finland noted that in Q1, GDP likely expanded 0.4% in seasonally-adjusted terms over the previous quarter. This reading would mark a pickup over Q4’s 0.2% expansion and the fastest increase in three quarters. Q1’s preliminary GDP estimate is based on preliminary data of the Trend Indicator of Output and more detailed GDP data for Q1 will be released on 3 June.

The Central Bank expects the economy to expand 0.7% in 2016 and 1.0% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 0.8% in 2016, which is up 0.1 percentage points from last month’s projection. For 2017, the panel sees GDP increasing 1.1%.

Author: Teresa Kersting, Economist

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Finland GDP Chart

Finland GDP Monthly March 2016

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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