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Finland's current account swings into deficit in December

Staff Writer |
The current account posted a EUR 297 million deficit in December, according to Statistics Finland.

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The result contrasted both the revised EUR 132 million surplus recorded in November (previously reported: EUR 195 million surplus) and the EUR 110 million surplus logged in December 2015.

In the 12 months up to December, the accumulative current account balance recorded a EUR 1.8 billion deficit, a fall from November’s accumulated current account deficit of EUR 1.4 billion and the lowest reading in 18 months.

The trade balance was EUR 305 million in deficit in December, the worst reading in three years and contrasted November’s EUR 4 million surplus and the EUR 24 million surplus observed in December of the previous year.

On an annual basis, exports fell by 4.2% in December, which was a swing from November’s 4.5% expansion. Imports also fared worse this month, growing 2.9% in December, well below November’s 3.6% rise.

FocusEconomics Consensus Forecast panelists expect the current account to record a deficit of 0.4% of GDP in 2017, which is down 0.1 percentage points from last month’s projection.

For 2018, the current account is expected to be balanced.

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