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Financial News: Finland Economy Exits Recession

Finland Economy Exits Recession

11/13/2020 - 03:23:00 (RTTNews)

(RTTNews) - Finland's economy grew in the third quarter to exit a severe recession as activity levels improved amid as mobility restrictions to battle the coronavirus pandemic were eased, preliminary data from Statistics Finland showed on Friday.

Gross domestic product increased a seasonally adjusted 2.6 percent in the third quarter from the previous quarter. In the second quarter, the economy had shrunk 4.5 percent, which was the third contraction in a row.

On a wording-day adjusted basis, GDP declined 4.0 percent in the third quarter from a year ago versus a 6.4 percent slump in the previous three months.

In September, the economy contracted a working-day adjusted 3.2 percent yearly, same as seen in August.

On a monthly basis, GDP fell a seasonally adjusted 0.8 percent in September.

Separate data from the statistical office showed that the current account surplus increased to EUR 0.105 billion in September from EUR 0.62 billion in August.

The primary income account was in a EUR 0.5 billion surplus and the secondary income account logged a shortfall of EUR 0.2 billion.

On a 12-month moving average basis, the current account was EUR 0.4 billion in deficit.

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