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Finnish GDP growth slows, inflation and employment edge up

Inflation accelerated slightly this summer thanks to costlier fuel, tobacco and hotels, says Statistics Finland.

Nesteen huoltoasema Hietalahdessa Helsingissä.
Higher prices at the pump helped push inflation up this summer. Image: Timo Jaakonaho / Lehtikuva

The Finnish economy remained robust in the spring and early summer, but there was a hint of slowing in June in data released Tuesday by Statistics Finland. The figures indicate that Finland’s seasonally adjusted GDP rose by half a percentage point between the first and second quarters. However seasonally adjusted output slipped by 3-tenths of a percent from May to June.

Meanwhile the number of people working was about two percent higher than a year earlier. The number of hours worked outpaced that, climbing by three percent in a year.

Fuel, tobacco and hotels pricier in July

Preliminary data for July suggest that inflation is on the rise. State number-crunchers estimate that consumer prices edged up by 1.4 percent last month on a year-on-year basis. In June the rate was 1.2 percent. Statistics Finland points to higher price tags on items such as petrol, cigarettes and hotel stays as driving the growth in inflation from June to July.

The central statistics office notes that these latest figures are still preliminary, promising more fine-grained data at the end of August.

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