Finland: Economic growth remains strong in the final quarter
February 10, 2011
In December, economic activity increased a working-day adjusted 7.2% over the same month the previous year, based on the Trend Indicator of Output. The reading benefited from a low base of comparison (December 2009: -3.9% year-on-year) and represented a moderate deceleration compared to November's 7.5% expansion. The primary and secondary sectors accelerated over the previous month. The primary sector increased a robust 18.7% (November: +14.0% yoy), while the secondary sector, which comprises manufacturing and construction, increased 16.2% (November: +15.3% yoy). In contrast, growth in the services sector slowed to 3.6%, down from the 4.5% increase tallied in November. Meanwhile, the Bank of Finland anticipates that the economy will grow 3.0% in 2011 and 2.5% in 2012.