Finland: Growth moderates in July
October 8, 2010
In July, the economy grew 4.6% over the same month last year in working-day adjusted terms. The reading represented a moderation compared to the strong 5.5% expansion recorded in June (previously reported: +5.1% year-on-year). A month-on-month comparison corroborates the deterioration suggested by the annual figures, as the economy contracted 0.2% over June in seasonally adjusted terms. The monthly slowdown was the result of a deceleration in manufacturing and construction, which grew 7.3% (June: +11.3% yoy). In contrast, agriculture, hunting, forestry and fishery accelerated to a 10.1% expansion (June: +2.3% yoy). Finally, growth in the services sector remained unchanged at June's 3.2%.