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Finland GDP Q2 2023

Finland: GDP growth records fastest expansion in a year in Q2

GDP growth doubled to 0.6% on a seasonally adjusted quarter-on-quarter basis in the second quarter, from 0.3% in the first quarter. Q2’s reading marked the best result since Q2 2022.

On the domestic front, fixed investment returned to growth and expanded 0.7% in Q2, improving from the 2.7% contraction in the previous quarter. Less positively, household spending increased 0.1% in the second quarter, which was below the first quarter’s 0.2% expansion. In addition, public spending growth also moderated to 2.4% in Q2 (Q1: +5.5% s.a. qoq).

On the external front, exports of goods and services flatlined in seasonally adjusted quarter-on-quarter terms in Q2. Meanwhile, imports of goods and services dropped at a softer pace of 0.9% in Q2 (Q1: -3.1% s.a. qoq), marking the best reading in a year.

On an annual basis, economic activity contracted 0.6% in Q2, contrasting the previous quarter’s 0.5% growth.

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