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Development of Finland's balance of payments during the crises at the beginning of the 2020s

review | Balance of payments and international investment position 2023, 2nd quarter

The COVID-19 pandemic, which started at the beginning of 2020, and Russia's attack on Ukraine in February 2022 have had a significant effect on the global economy due to the closure of the borders and Russian airspace, the energy crisis and inflation, and restrictions on the distribution of dividends by the European Central Bank. In this review published by Statistics Finland we aim to describe the effects of these crises on Finland's current account, capital account, financial account and international investment position.

The current account and its sub-items as a 12-month moving total from 2006 to July 2023 as a line chart. The current account turned into surplus in 2020 and 2021. The surplus was caused by a higher simultaneous surplus of the balances of goods and primary income. In 2022, the current account turned into a significant deficit due to simultaneous weakening of the balances of international trade and primary income. From 2023 onwards, the 12-month moving total of the current account made an upturn as the balance of goods grew considerably.

Database tables

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Database tables with background information relevant to the publication
12gg
Classifications used:
  • Country
  • BOP item
Period:
quarter
Statistics:
Updated:
12gf
Classifications used:
  • BOP item
Period:
month
Statistics:
Updated:
12gq
Classifications used:
  • Service item
  • Region
Period:
quarter
Statistics:
Updated:
12gs
Classifications used:
  • Service item
Period:
quarter
Statistics:
Updated:
12gr
Classifications used:
  • Service item
  • Region
Period:
annual
Statistics:
Updated:
12gk
Classifications used:
  • Functional category
  • Instrument
Period:
quarter
Statistics:
Updated:
12gj
Classifications used:
  • Country
  • Sector
  • Functional category
Period:
quarter
Statistics:
Updated:
132h
Classifications used:
  • Transaction
Period:
quarter
Statistics:
Updated:

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Risto Sippola
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