Finland GDP October 2017

Finland

Finland: Economic growth slows to 10-month low in October

December 15, 2017

In October, economic activity grew a working-day adjusted 2.6% over the previous year, down from September’s revised 3.4% increase (previously reported: +3.8% year-on-year). This is according to the latest monthly Trend Indicator of Output released by Statistics Finland on 15 December.

The year-on-year deceleration in October resulted from slower growth in services production, the most significant form of production in Finland, which fell to 1.7% from 3.7% in September. Primary production—which includes agriculture, hunting, forestry, and fishing activity—grew 1.6% (September: +2.0% year-on-year), while secondary production—which includes manufacturing and construction activity—expanded 4.8% (September: +3.0% yoy).

A month-on-month comparison shows that economic activity contracted 0.4% in seasonally-adjusted terms in October, contrasting September’s revised 0.6% growth (previously reported: +0.5% month-on-month). Annual average growth in economic activity was 3.3%, unchanged from September.

According to preliminary data released on 1 December by the Statistical Institute, the Finnish economy expanded 0.4% in seasonally-adjusted quarter-on-quarter terms in Q3, down from Q2’s revised 0.8% figure (previously reported: +0.4% quarter-on-quarter). In year-on-year terms, growth decelerated to 2.8% in Q3, down from the revised rate of 3.0% in Q2 (previously reported: +2.3% year-on-year).

Finland GDP Forecast


The Central Bank expects the domestic economy to expand 2.5% in 2018 and 1.6% in 2019. FocusEconomics Consensus Forecast panelists, however, are somewhat more cautious. They expect an expansion of 2.2% in 2018, which is up 0.3 percentage points from last month’s forecast. For 2019, the panel sees GDP increasing 1.9%, which is up 0.3 percentage points from last month’s forecast.


Author:, Economist

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Finland GDP Chart


Finland GDP Monthly October 2017

Note: Year-on-year and annual average variation of working-day adjusted Trend Indicator of Output (TIO) in %.
Source: Statistics Finland and FocusEconomics calculations.


Finland Economic News

  • Finland: Growth in economic activity slows in December

    February 14, 2018

    Economic activity grew a working-day adjusted 3.6% in December compared to the same month of the previous year, down from November’s revised 4.3% increase (previously reported: +3.5% year-on-year).

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  • Finland: Economic activity gathers pace in November despite slower services growth

    January 16, 2018

    In November, economic activity grew a working-day adjusted 3.5% compared to the same month of the previous year, up from October’s revised 3.2% increase (previously reported: +2.6% year-on-year).

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  • Finland: Current account surplus shrinks in November

    January 15, 2018

    According to Statistics Finland, which heavily revised its historical data this month, the current account showed a EUR 0.09 billion surplus in November last year, less than the revised EUR 0.18 billion surplus recorded in October (previously reported: EUR 0.54 billion). In the 12 months leading up to November, the current account surplus widened to EUR 1.4 billion, compared to October’s revised cumulative 12-month surplus of EUR 1.2 billion (previously reported: EUR 0.18 billion). The trade surplus narrowed in November against the previous month, recording net inflows worth EUR 181 million compared to October’s revised EUR 284 million surplus (previously reported: EUR 279 million surplus).

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  • Finland: Current account surplus bounces back in October

    December 15, 2017

    The current account surplus came in at EUR 0.54 billion in October, higher than both the EUR 0.08 billion surplus recorded in the previous month and the EUR 0.26 billion surplus totaled in the same month last year. In the 12 months leading up to October, the current account deficit narrowed to EUR 0.18 billion, compared to September’s cumulative 12-month deficit of EUR 0.46 billion. The trade surplus widened marginally in October over the previous month, recording net inflows worth EUR 279 million compared to September’s EUR 220 million surplus.

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