Friday 10/23/20
PANDEMIC

Finnish economy heads for another recession quarter

Output of the national economy fell by 3.3% in August.

A Neste worker at the Porvoo refinery. Photo: Neste.
A Neste worker at the Porvoo refinery. Photo: Neste.

The recession hitting the Finnish economy is on track to extend into the third quarter of the year (July-September). In the absence of knowing the September figures, the data published by Statistics Finland show large declines in output in July and August.

Adjusted for working days, output fell by 3.3% in August 2020 from one year back. And monthly figures show that the decline has not yet bottomed out: seasonally adjusted output fell by 0.1% in August from the month before.

According to revised data, working day adjusted output fell in July 2020 by 2.7% from the previous year's July.

Output-national-economy-August

Source: Statistics Finland.

Greater fall in agriculture

Working day adjusted primary production fell by around 13%, secondary production by some 3% and services by roughly 3% from August 2019.

Primary production refers to agriculture, hunting, forestry and fishing. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services, according Statistics Finland.

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