Finland: Current account records modest surplus in August
October 15, 2013
The current account posted a modest surplus of EUR 36 million in August, which contrasted the EUR 139 million deficit observed in July (previously reported: EUR 123 million).
The trade balance registered a deficit of EUR 10 million in August, following the EUR 165 million shortfall seen in July (previously reported: EUR 90 million). Exports contracted 11.0% over the same month last year (July: -2.1% year-on-year), while imports dipped into the red, after declining a softer 9.6% (July: +4.5% yoy), thus driving the deterioration in the trade balance.
In the 12 months up to August, the current account balance recorded a EUR 1.4 billion deficit. This was smaller than the EUR 1.5 billion shortfall seen in the 12 months up to July.
FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 1.0% of GDP this year, which is up 0.2 percentage points from last month's forecast. For 2014, the panel expects the current account deficit to narrow to 0.7% of GDP, which is up 0.3 percentage points from last month's estimate.