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typeContent_19130:::2023-04-06T11:51:00

Finland Industrial Output Contracts 2.3%; Trade Deficit Narrows

Finland's industrial production contracted for the first time in three months in February, data from Statistics Finland showed on Thursday.

Separate official data showed that the trade deficit of the country decreased in February from a year ago, as imports plunged faster than exports.

Industrial production fell a working-day-adjusted 2.3 percent year-on-year in February, reversing a 2.1 percent rise in the previous month.

Among the main industries, output produced in the forest industry alone decreased 12.2 percent annually in February, and those in the chemical industry declined 10.7 percent.

Meanwhile, mining and quarrying production logged positive growth of 11.0 percent, and output in electricity, gas, steam and air conditioning supply grew 6.1 percent.

On a monthly basis, industrial production dropped 2.3 percent from January, when it edged up by 0.1 percent.

Preliminary figures from the Finnish Customs showed that the foreign trade deficit narrowed to EUR 725 million in February from EUR 1.1 billion in the corresponding month last year.

The value of exports declined 13.8 percent year-over-year in February, and imports slumped by 18.7 percent.

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