Financial News: Finland's Economy Expands Further, Inflation Weakest Since

Finland's Economy Expands Further, Inflation Weakest Since February 2021

(RTTNews) - Finland's economy expanded for the second straight quarter in the three months ending June, while inflation eased to the lowest level in nearly three and a-half years, separate reports from Statistics Finland showed on Wednesday.

Gross domestic product advanced seasonally and working-day-adjusted 0.4 percent sequentially in the June quarter, following a 0.2 percent recovery in the previous quarter.

During June, output of the national economy expanded 1.5 percent annually, versus a 2.4 percent fall in June. This was also the first increase in thirteen months.

Primary production and tertiary activity grew by around 3.0 percent and 0.8 percent, respectively, in June compared to last year. Meanwhile, the secondary sector was contacted by 1.4 percent.

On a monthly basis, GDP increased 1.0 percent in June after rising 0.7 percent in the preceding month.

Another piece of official data showed that Finland's consumer price inflation moderated to a 41-month low of 1.0 percent in July from 1.3 percent in June, the flash data said. Excluding food and energy price changes, core inflation stood at 2.2 percent.

The decrease in inflation from June to July was caused by a milder rise in the average interest rate on housing loans, the agency said.

Clothing and footwear prices were 3.0 percent higher, while costs for food and non-alcoholic beverages dropped by 0.25 percent. Transport charges were 0.9 percent less expensive.

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