Finland: Economic activity continues to fall
May 15, 2013
In March, economic activity decreased a working-day adjusted 0.4% over the same month the previous year, based on the monthly Trend Indicator of Output. The negative reading followed a 2.8% contraction in February and marked the fifth decline in a row. The fall was the result of a drop in the secondary sector, as both the primary sector and services expanded in annual terms.
On a monthly basis, economic output increased a seasonally and working-day adjusted 1.0% over the previous month, which contrasted the 0.7% fall recorded in February.
Based on preliminary data, the statistical institute estimates GDP to have fallen a seasonally adjusted 0.1% over the preceding three-month period in Q1, following the 0.5% drop recorded in the fourth quarter. In annual terms, the statistical institute estimates the economy to have fallen a working-day adjusted 2.0% in Q1. More detailed data will be published on 5 June.
The Central Bank expects the overall economy to grow 0.3% this year before accelerating to a 1.5% expansion next year. FocusEconomics Consensus Forecast panellists expect GDP to grow % this year, which is from last month's projection. For 2014, the panel sees GDP expanding at %.