Finland GDP January 2018


Finland: Growth in economic activity slows in January

March 16, 2018

Economic activity grew a working-day adjusted 0.9% in January compared to the same month last year, down from December’s revised growth of 2.7% (previously reported: +3.6% year-on-year), according to the latest monthly Trend Indicator of Output released by Statistics Finland.

The deceleration in year-on-year growth in economic activity in January was largely due to a weaker expansion in services production, the most significant form of production in Finland, and a contraction in primary production, which includes agriculture, hunting, forestry, and fishing activity. Services production increased 0.6%, much lower than December’s growth rate of 3.0%. Primary production suffered a contraction of 2.5%, worse than December’s contraction of 2.1%. Meanwhile, secondary production grew 1.7% (December: +1.2% yoy).

A month-on-month comparison shows that economic activity, on a seasonally-adjusted basis, was flat in January, marking a deterioration from December’s 0.1% growth. Annual average growth in economic activity was 3.0% in January, down from December’s 3.1%.

Finland GDP Forecast

The Central Bank expects the economy to expand 2.5% in 2018 and 1.5% in 2019. FocusEconomics Consensus Forecast panelists expect an economic expansion of 2.4% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees GDP increasing 2.1%.

Author:, Economist

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Finland GDP Chart

Finland GDP Monthly January 2018

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

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