2020.07.1508:07:00UTC+00Finland GDP Falls In May; Retail Sales Rise

Finland's economic output declined, while retail sales grew in May, data from Statistics Finland showed on Tuesday.

Output of the national economy fell a working-day adjusted 5.5 percent year-on-year in May, following a 5.3 percent decline in April, which was revised from a 7.9 percent fall.

On a seasonally adjusted basis, output fell 0.7 percent monthly in May.

Data showed that the primary production increased around 4.0 percent in May. Secondary and services production declined by about 3.0 percent and 7.0 percent, respectively, from the previous year.

Seperate data from the statistical office showed that the retail sales turnover rose by working day adjusted 6.0 percent annually in May.

At the same time, the retail sales volume increased 6.4 percent annually in May. In daily consumer goods trade, the working day adjusted turnover increased 11.5 percent in May and the sales volume rose 9.6 percent from the corresponding period of the previous year.

However, retail turnover fell 5 percent monthly, after a 7.3 percent slump in April. The sales volume decreased 1.8 percent after a 4.2 percent fall in the previous month.