Finland: Current account balance records surplus in November
January 10, 2013
In November, the current account posted a surplus of EUR 198 million. The figure contrasted both the revised EUR 49 million deficit observed in October (previously reported: EUR 44 million surplus) and the EUR 116 million shortfall recorded in the same month the year before.
The trade balance recorded a surplus of EUR 406 million, which contrasted the EUR 125 million deficit seen in November the previous year. The reading mainly reflects a decline in imports, which swung from a 1.3% year-on-year expansion in October to an 11.5% contraction in November. Meanwhile, exports contracted 1.1%, which contrasted a 12.7% expansion in October.
Building on the monthly surplus, the 12-month moving sum of the current account balance stepped up from minus EUR 3.4 billion in October to minus EUR 3.1 billion, or approximately 1.5% of GDP.