Shipsales Boost Finland's October Trade Surplus

Friday, December 17, 1999
Finland posted a record monthly trade surplus for October, boosted by a major deal by one of its shipyards and accelerating economic recovery. The customs board's preliminary data for October showed a trade surplus of a record $1.4 billion, with exports up 14 percent year-on-year at $4.1 billion and imports up six percent at $2.7 billion. October saw the departure from Finland of Voyager of the Seas, the world's largest cruise ship, built by Kvaerner's Masa-Yards for Royal Caribbean. Economists said that despite this one-off item, the data added to evidence from figures in the past few months indicating that the economy was back on track after being hit by the Russian crisis and a global economic slowdown last autumn. "You can draw a conclusion from these figures that the weakest phase in exports is over," said economist Tarja Heinonen from Leonia Bank. In September, Finnish exports grew eight percent after a flat August and a seven percent fall in July. September industrial production increased by 5.2 percent, 2.1 percent in August and 3.9 percent in July. Timo Tyrvainen, an economist at Aktia Bank, said the latest trade figures combined with other data showed foreign demand was starting to back domestic demand, which has kept the economy going since last autumn. Growth was also driven up by export revenues from the booming technical products industry, which is led by telecommunications equipment maker Nokia. "This year we expect exports volume to grow overall about one percent, and next year we expect it to rise around 7.5 percent," Tyrvainen said. GDP growth forecasts by Finnish think-tanks, government, banks and brokers vary between 3.5 percent and 4.2 percent for 1999 and between 3.9 percent and 4.5 percent for 2000. - (Katja Heinonen, Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

Danos Adds Environmental Services

Danos recently added an Environmental Services Division to the company’s collection of oilfield related services, which includes production workforce, construction,

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1104 sec (9 req/sec)