Finland: Economic activity contracts the most in over two years in September
November 15, 2012
In September, economic activity decreased a working-day adjusted 1.0% over the same month last year, based on the monthly Trend Indicator of Output. The negative reading followed a 0.2% contraction in August and marked, in fact, the lowest reading in since January 2010. The decline was broad-based, with annual growth in all the three main sectors - primary, secondary and services - falling into negative territory in September. A month-on-month comparison corroborates the deterioration suggested by the annual figures, as economic output decreased a seasonally adjusted 0.5% over the previous month, which contrasted the flat reading witnessed in August. Based on preliminary data, the statistical institute estimates GDP to have grown in the third quarter a seasonally adjusted 0.3% over the preceding three-month period, which would contrast the 1.0% contraction recorded in the second quarter. In annual terms, the statistical institute expects the economy to have fallen a working-day adjusted 0.8%. Revised and more detailed data will be released on 5 December.