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Financial News: Finland Monthly GDP Decline Slows

Finland Monthly GDP Decline Slows

09/15/2020 - 09:15:00 (RTTNews)

(RTTNews) - Finland's economic output fell at a softer rate, while industrial turnover declined at a faster pace in July, data from Statistics Finland showed on Tuesday.

Output of the national economy fell a working-day adjusted 2.8 percent year-on-year in July, after a 4.2 percent decline in June, which was revised from a 4.8 percent fall.

On a seasonally adjusted basis, output rose 0.9 percent monthly in July.

Data showed that the primary production increased around 9.0 percent in July. Secondary and services production declined by about 5.0 percent and 3.0 percent, respectively, from the previous year.

Separate data from the statistical office showed that the industrial production declined 10.3 percent annually in July, following a 7.9 percent fall in June.

Turnover of forest industry declined the most, by 19.2 percent yearly in July, and that of electricity, gas, steam and air conditioning supply fell 16.7 percent.

Manufacturing turnover decreased 9.2 percent and mining and quarrying declined 6.0 percent.

On a monthly basis, industrial turnover fell a seasonally adjusted 1.5 percent in July, after a 1.0 percent rise in the prior month.

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