Finland: Current account reaches a nearly three-year high in November
January 15, 2014
The current account posted a EUR 426 million surplus in November 2013, which nearly doubled the EUR 218 million surplus recorded in October (previously reported: EUR 224 million surplus) and marked the largest surplus since December 2010.
The trade balance registered a surplus of EUR 313 million in November, which was up from the EUR 187 million surplus recorded in October (previously reported: EUR 196 million surplus). Exports contracted 5.1% over the same month of the previous year (October: +3.0% year-on-year). Imports contracted 4.1% in November (October: -1.5% yoy).
In the 12 months up to November, the current account balance recorded a EUR 1.3 billion deficit. The deficit was smaller than the EUR 1.4 billion shortfall recorded in the 12 months up to October.
FocusEconomics Consensus Forecast panelists expect the current account surplus to reach 0.8% of GDP this year, which is down 0.1 percentage points from last month's forecast. For 2015, the panel expects the current account surplus to be stable at 0.8% of GDP.