Finland: The economy grows at a robust but slower pace in October
December 14, 2018
Economic activity grew a working-day adjusted 2.9% in October compared to the same month a year earlier, down from the revised 3.4% growth in September (previously reported: +3.2% year-on-year).
Dynamics were mixed across economic sectors in October, with slowing growth in primary production, which captures the agriculture, forestry and fishing sectors, and secondary production, which includes the manufacturing and construction sectors. On the other hand, services production, which is the largest output category in Finland, saw growth tick up slightly.
A month-on-month comparison shows that economic activity on a seasonally-adjusted basis decreased 0.2% in October, contrasting the 0.9% increase in September. Average year-on-year growth in economic activity ticked up to 2.5% in October from 2.4% in September.
Finland GDP Forecast
FocusEconomics Consensus Forecast panelists expect an economic expansion of 2.1% in 2019, which is unchanged from last month’s forecast. For 2020, the panel sees GDP increasing 1.8%.
Author: Edward Gardner, Economist