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Financial News: Finland Q1 Economic Growth Improves

Finland Q1 Economic Growth Improves

05/31/2018 - 02:51:00 (RTTNews)

(RTTNews) - Finland's economic growth accelerated for the second straight quarter in the three months ended March, preliminary figures from Statistics Finland showed Thursday.

Gross domestic product advanced a seasonally adjusted 1.2 percent sequentially in the first quarter, following a 0.9 percent rise in the fourth quarter, which was revised up from 0.6 percent.

During the third quarter of 2017, the rate of expansion was 0.3 percent.

On the expenditure side, the volume of private consumption grew 1.0 percent over the quarter and gross fixed capital formation by 4.0 percent. Both exports and imports decreased by 1.1 percent and 0.5 percent, respectively.

On a yearly basis, GDP growth accelerated further to 3.1 percent in first quarter from 2.6 percent in the December quarter.

Data from the Finland Customs office reveled that the foreign trade balance of the country turned to a deficit of EUR 207 million in March from a surplus of EUR 36 million last year.

That was above the shortfall of EUR 160 million seen in the flash report. Exports dropped 1 percent, while import rose by 3.0 percent.

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