Finland: Economic activity growth accelerates in May
Economic activity grew a working-day adjusted 3.4% in May compared to the same month last year, up from the revised 2.6% expansion in April (previously reported: 1.8% year-on-year).
Increased activity in May came as services production, the largest output category in Finland, expanded 3.8%, up from 2.9% in April. Moreover, primary production, which captures the agriculture, forestry and fishing sectors, grew 5.7% in May (April: +7.9% yoy). Meanwhile, secondary production, which includes the manufacturing and construction sectors, grew 2.9% in May, up from 1.9% in April.
A month-on-month comparison shows that economic activity on a seasonally-adjusted basis expanded 0.7% in May, in contrast with the revised 0.5% decrease in April (previously reported: +0.9% month-on-month). Average year-on-year growth in economic activity remained steady at 2.9% in May, unchanged from April.