08.07.201004:43:00UTC+00Finnish April GDP Indicator Grows

Finnish GDP indicator increased in May from the preceding month, the Statistics Finland said on Thursday.

The gross domestic product, or GDP indicator increased a working day adjusted 2.9% year-on-year inn April, compared to a 1.4% fall in the previous month, which was revised from 0.3% fall reported initially. The annual GDP increased for the first time since September 2008. A year earlier, the GDP indicator slipped 12.3%. The main reason for the revision was the benchmarking of the data to quarterly accounts, the statistical office said.

Month-on-month, the seasonally adjusted output grew 1.2% in April, same as in the previous month.

According to the working day adjusted series, primary production climbed 12% from the previous year, while the secondary production, includes manufacturing and construction, edged up 8%. Services output remained unchanged from the prior year. Primary production refers to agriculture, forestry and fishery.

Finnish economy contracted for a second consecutive quarter following growth in the third quarter of 2009. Sequentially, the gross domestic product fell 0.4% in the first quarter, following a 0.2% decline in the fourth quarter.

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