Economic growth (GDP)
| Updated: 1.3.2013 - Next update: 5.6.2013 |
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Gross domestic product contracted by 0.5 per cent from the previous quarter and by 1.5 per cent year-on-year
According to Statistics Finland's preliminary data, in the October to December period of 2012, the volume of Finlands gross domestic product decreased by 0.5 per cent from the previous quarter. Compared to the fourth quarter of 2011, working-day adjusted GDP contracted by 1.5 per cent. The fourth quarter had one less working day than one year previously. The volume of GDP fell by 0.2 per cent over 2012.
Revisions put the change in the volume of GDP in the third quarter of 2012 at +0.1 per cent from the previous quarter (was -0.1%) and at -0.7 per cent from twelve months back (was -1.2%). The upwards revision of GDP in the third quarter was mainly due to revisions of taxes on products.
In the fourth quarter, the volume of exports fell by 4.4 per cent from the previous quarter and by 2.9 per cent year-on-year. Imports increased by 1.5 per cent from the previous quarter but decreased by 6.5 per cent year-on-year.
In the fourth quarter, the volume of private consumption grew by 0.9 per cent from the previous quarter and by 1.5 per cent from twelve months back. Investments diminished by 2.5 per cent from the previous quarter and by 8.1 per cent year-on-year.
The prices of value added in financial intermediation services have been revised in connection with this release, for which reason the volume data on value added in financial intermediation services have changed slightly from 2006 onwards.
Volume refers to data adjusted for price changes. Volumes at reference year 2000 prices are expressed relative to the 2000 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.
Statistical releaseSource:
Statistics Finland / Quarterly national accounts
Description of indicator
Quarterly national accounts describe Finland’s economy systematically and according to the same concepts and definitions as annual national accounts, but at a more aggregated level. The produced data show how Finland’s GDP has developed by quarter, which activities have grown and by how much, whether output has grown because of exports or investments, how the consumption of households has changed from the previous quarter, and how much wages and salaries have risen from the previous year.
GDP, gross domestic product at market prices is the final result of the production activity of resident producer units.
