Finland: Economic activity contracts in June
August 15, 2012
In June, economic activity decreased a working-day adjusted 0.7% over the same month last year, based on the monthly Trend Indicator of Output. The negative reading contrasted the 0.2% increase seen in May and marked, in fact, the first output drop since February 2010. The contraction was broad-based, with annual growth in all the three main sectors - primary, secondary and services - falling into negative territory in June. A month-on-month comparison corroborates the slowdown suggested by the annual figures, as economic output decreased a seasonally adjusted 1.3% over the previous month, which contrasted the 0.7% expansion witnessed in May. Based on preliminary data, the statistical institute estimates GDP to have contracted 1.0% in the second quarter over the preceding three-month period, which would contrast the 1.3% increase recorded in the first quarter. In annual terms, the statistical institute expects the economy to have fallen a working-day adjusted 1.7%. Revised and more detailed data will be released on 5 September.