Finland: Economic growth slows in May
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.