Finland GDP


Finland: GDP in Q2 sees strongest growth in seven quarters

September 4, 2015

According to official data released by Statistics Finland on 4 September, the Finnish economy grew a seasonally-adjusted 0.2% in Q2 2015 over the previous quarter, which represented the highest reading since Q3 2013. The print was up from the revised level reading recorded in Q1 (previously reported: 0.1% quarter-on-quarter). In annual terms, GDP registered a 0.2% increase in Q2 (Q4: -0.2% year-on-year).

The quarterly increase was mainly driven by a strong improvement in the external sector, offsetting a mild contraction in domestic demand. Private consumption fell 0.2% over the previous quarter, contrasting the 0.7% increase that was tallied in Q1. Government spending was unchanged over the previous quarter (Q1: +0.1% qoq). Fixed investment recorded flat growth in Q2, down from a 0.1% increase in Q1.

On the external front, exports expanded a seasonally-adjusted 0.5% in Q2, which was below the 1.8% increase observed in Q1. Imports recorded a sharp 5.0% drop in Q2, (Q1: -0.7% qoq). As a result, the external sector’s net contribution to GDP growth improved from plus 1.0 percentage points in Q1 to plus 2.2 percentage points in Q2.

The Central Bank expects the economy to contract 0.1% in 2015 and to expand 1.0% in 2016. FocusEconomics Consensus Forecast panelists are more optimistic than the Central Bank in its forecast and expect the economy to expand 0.1% in 2015, which is down 0.2 percentage points from last month’s projection. For 2016, the panel sees GDP expanding 1.1%.

Author:, Economist

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Finland GDP Chart

Finland GDP Q2 2015

Note: Quarter-on-quarter changes of seasonally-adjusted GDP in %.
Source: Statistics Finland and FocusEconomics Consensus Forecast.

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