Financial News: Finland Economy Stagnates, Inflation Rises Slightly

Finland Economy Stagnates, Inflation Rises Slightly

09/13/2024 - 04:09:00 (RTTNews)

(RTTNews) - Finland's economic output stalled in July after recovering in the previous month, data from Statistics Finland showed on Friday.

Output of the national economy remained flat in July compared to last year, following a 2.0 percent growth in June, which was the first increase since June 2023.

Among sectors, primary sector production grew by around 2.1 percent from last year. The secondary output increased by 1.2 percent, while the tertiary activity contracted by 0.6 percent.

On a seasonally adjusted basis, output showed a decline of 0.8 percent versus a 1.4 percent increase a month ago.

Separate official data showed that consumer price inflation rose to 1.2 percent in August from 1.0 percent in July.

The rise in inflation in August was largely due to the increases in average interest rates on housing loans, maintenance charges, and consumer credits from one year ago.

On the other hand, the growth in prices was curbed most by reductions in the prices of electricity, petrol, and diesel.

The EU measure of the harmonized index, or HICP, rose to 1.1 percent in August from 0.5 percent a month ago.

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