Finland: Economic activity drops in June
August 14, 2013
Economic activity was flat in June over the same month last year in working-day adjusted terms, according to the monthly Trend Indicator of Output. The reading followed a 0.7% contraction in May. The reading was the result of a drop in the secondary sector, which offset expansion in both the primary and services sectors.
On a monthly basis, economic output fell a seasonally and working-day adjusted 0.1% over the previous month, which contrasted the 1.3% expansion recorded in May.
Based on preliminary data, the statistical institute estimates GDP to have grown a seasonally adjusted 0.7% over the preceding three-month period in Q2, following the 0.3% increase recorded in the first quarter.
The Central Bank expects GDP to contract 0.8% this year and to rebound to a 0.7% expansion in 2014. FocusEconomics Consensus Forecast panellists expect GDP to contract 0.2% this year, which is unchanged from last month's projection. For 2014, the panel sees GDP expanding at 1.5%.