Finland: Economic growth quickens in September
November 14, 2017
In September, economic activity grew a working-day adjusted 3.8% over the previous year—up from August’s revised 3.7% rise (previously reported: +2.7% year-on-year)—according to the latest monthly Trend Indicator of Output released by Statistics Finland. The result was driven by a 4.0% expansion in services production—the most significant form of production in Finland. Meanwhile, primary production (which includes agriculture, hunting, forestry, and fishing activity) grew 2.1% and secondary production (which includes manufacturing and construction activity) expanded 3.0%.
A month-on-month comparison shows that economic activity grew 0.5% in seasonally-adjusted terms in September, contrasting August’s revised decline of 0.2% (previously reported: -0.7% month-on-month). Annual average growth in economic activity rose from 3.2% in August to 3.4% in September.
Meanwhile, a flash estimate released on the same day by the Statistical Institute showed that the Finnish economy expanded 1.1% on seasonally-adjusted quarter-on-quarter terms in the third quarter. In a calendar-adjusted year-on-year basis, GDP growth was 3.6% in Q3, well above the 3.0% increase recorded in Q2 and the highest print in over six years. Calendar-unadjusted data and a breakdown by components will be released on 1 December.
Author: Edward Gardner, Economist