Finland's National Output Contracts Further In July

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Wednesday, the Statistics Finland's latest Trend Indicator of Output report showed that output of the national economy fell a working day adjusted 11.6% year-on-year in July. This comes after a 8.9% fall in June, revised upwards from a 11.1 % drop reported previously. Economists expected the output to decline 10.4%. The output indicator has been falling continuously since October last year.

During the month, primary production rose 0.87% on a working day adjusted basis, but slower than a 1.9% growth in June. However, secondary production production dropped 29.43%, faster than a 20.57% fall in the previous month. Services output contracted 4.4% compared to a 4.01% drop last month. Primary production includes agriculture, forestry and fishing, while secondary production includes manufacturing and construction.

Month-on-month, the seasonally adjusted output fell 1.5% in July, after showing a marginal growth of 0.03% in June.

(Market News Provided by RTTNews)