Finland GDP May 2019

Finland

Finland: Economic growth slows in May

July 16, 2019

Economic activity grew a working-day adjusted 0.8% in May compared to the same month a year earlier, down from April’s substantially revised 1.8% growth reading (previously reported: +2.8% year-on-year). The slowdown was due to weaker expansions in the secondary and services sectors, the first of which includes the manufacturing and construction sectors. Moreover, May saw another contraction, albeit less severe, in output from the primary sector, which encompasses the agriculture, forestry and fishing sectors.

A month-on-month comparison shows that economic activity on a seasonally-adjusted basis fell 0.9% in May, contrasting the revised 0.1% growth recorded in April (previously reported: +0.6% month-on-month). Annual average year-on-year growth in economic activity decelerated to 0.8% in May from 0.9% in April.

The Bank of Finland forecasts GDP growth of 1.6% in 2019. For 2020, the Bank forecasts a 1.5% increase in GDP. Our panelists expect an economic expansion of 1.7% in 2019, which is unchanged from last month’s forecast, and 1.4% in 2020.


Author:, Economist

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Finland GDP Monthly May 2019

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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