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Financial News: Finland Economic Output Falls 1.2%

Finland Economic Output Falls 1.2%

03/15/2024 - 04:17:00 (RTTNews)

(RTTNews) - Finland's economic output declined for the sixth straight month in January, data from Statistics Finland showed on Friday.

Output of the national economy fell a working-day-adjusted 1.2 percent year-over-year in January, though slower than the 2.3 percent drop in December, which was revised from a 0.6 percent decrease estimated initially.

On a seasonally adjusted basis, output recovered 0.9 percent in January versus a 0.7 percent decline in the previous month. It was the first increase in four months.

Among sectors, primary sector production declined by around 2.3 percent from last year. Meanwhile, the secondary and tertiary sectors shrank by 3.6 percent and 0.4 percent, respectively.

Separate official data showed that the current account balance turned into a surplus of EUR 1.1 billion in the fourth quarter of 2023 from a deficit of EUR 76 million in the third quarter. The goods account in balance of payment terms strengthened by EUR 1.7 billion from the previous year and was EUR 3.0 billion in surplus.

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