Current account swings to surplus in May

Latest reading: The current account posted a EUR 0.1 billion surplus in May, improving from the EUR 0.2 billion deficit booked in April (May 2024: EUR 0.1 billion deficit). Meanwhile, in the 12 months leading up to May, the current account posted a EUR 3.5 billion surplus, compared to the EUR 3.3 billion surplus leading up to April. The merchandise trade balance held steady in May at a EUR 0.8 billion surplus from the previous month. Merchandise exports fell 2.5% annually in May (April: +1.6% year on year), marking the largest decline since November 2024. Meanwhile, merchandise imports decreased 4.6% on an annual basis in May (April: -7.0% yoy).

Outlook: Merchandise exports are expected to broadly stagnate in 2025 from 2024 on global economic uncertainty, before gathering pace in 2026 as low interest rates support consumer spending in the Euro area and therefore demand for Finnish goods. EU and U.S. trade policy remains key to watch ahead.

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