Financial News: Finland's Economy Expands Further, Inflation Rises Slightl

Finland's Economy Expands Further, Inflation Rises Slightly

11/14/2024 - 02:17:00 (RTTNews)

(RTTNews) - Finland's economy expanded for the third straight quarter in the third three months ending September, while inflation increased somewhat amid higher electricity prices, separate reports from Statistics Finland showed on Thursday.

Gross domestic product advanced seasonally and working-day-adjusted 0.4 percent sequentially in the third quarter, following a revised 0.1 percent rise in the second quarter.

During September, output of the national economy contracted 1.1 percent annually, versus a 2.1 percent rise in August. This was also the first decrease in four months.

Secondary and tertiary activity contracted by around 2.7 percent and 0.5 percent, respectively, in September compared to last year. Meanwhile, the primary sector was advanced by 4.7 percent.

On a monthly basis, GDP declined 1.4 percent in September after rising 0.6 percent in the preceding month.

Another piece of official data showed that Finland's consumer price inflation rose to 1.1 percent in September from 0.8 percent in August, the flash data said. Excepting food and energy, core inflation stood at 1.7 percent.

The acceleration of inflation from September to October was caused by higher prices of electricity, the agency said.

Housing and utility charges were 1.0 percent higher, and clothing prices moved up by 0.6 percent. Meanwhile, transport costs dropped at a slower pace of 2.1 percent.

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