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Financial News: Finland GDP Contracts In January

Finland GDP Contracts In January

03/15/2021 - 05:24:00 (RTTNews)

(RTTNews) - Finland's national output shrank for the second straight month in January, Statistics Finland reported Monday. The output of the national economy declined 3.7 percent year-on-year, slower than the revised 4 percent decrease seen in December.

In January, national output grew by 1.0 percent from the previous month.

Data showed that primary production grew by around 11 percent annually, while secondary production rose by less than one percent. On the other hand, services went down by around six percent from January 2020.

In 2020, the economy contracted for the first time in five years. Gross domestic product was down 2.8 percent, reversing a 1.3 percent rise in 2019.

Due to higher expenditure related to the coronavirus pandemic, the general government deficit rose to EUR 12.9 billion in 2020 from EUR 2.4 billion in the previous year, data showed.

Another report from the statistical office revealed that the current account surplus in the fourth quarter advanced to EUR 3.3 billion from EUR 0.24 billion in the third quarter.

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