Finland: Current account deficit widens in March
May 15, 2013
In March, the current account posted a deficit of EUR 471 million, which was higher than both the EUR 148 million deficit observed in February and the EUR 466 million shortfall recorded in the same month last year.
The trade balance registered a deficit of EUR 17 million in March, which contrasts the EUR 104 million surplus seen in February as well as the EUR 98 million surplus observed in the same month last year. The result came on the back of a sharp contraction in exports, which dropped 12.7%, following the 2.7% fall recorded in February. In addition, imports declined 10.7% in March (February: -12.8% year-on-year).
Building on the negative reading, in the 12 months up to March the current account balance recorded a EUR 3.1 billion deficit (approximately 1.6% of GDP), which mirrored the shortfall seen in the 12 months up to February.
FocusEconomics Consensus Forecast panellists expect the current account to reach a deficit of 1.1% of GDP this year, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects the current account deficit to remain at 1.1% of GDP.