Economic growth (GDP)
|Updated: 5.12.2013 - Next update: 31.12.2013|
Gross domestic product remained on level with the previous quarter
According to preliminary data of Statistics Finland, in the July to September period of 2013 the volume of Finlands gross domestic product remained on level with the previous quarter. Compared with the third quarter of 2012, GDP adjusted for working days contracted by 1.0 per cent.
Revisions put the change in the volume of GDP in the second quarter of 2013 at 0.1 per cent from the previous quarter (was 0.2%) and at -1.3 per cent from twelve months back (was -1.2%).
In the third quarter, the volume of exports grew by 1.5 per cent from the previous quarter and by 0.4 per cent year-on-year. Imports increased by 5.1 per cent from the previous quarter and by 2.0 per cent year-on-year.
In the third quarter, the volume of private consumption went up by 0.1 per cent from the previous quarter but contracted by 0.7 per cent from twelve months back. Gross fixed capital formation diminished by 2.7 per cent from the previous quarter and by 5.7 per cent year-on-year.
Volume refers to data from which the effects of price changes have been eliminated. 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.
Source: National Accounts 2013, 3rd quarter. Statistics FinlandStatistical release
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.
Economic growth has a crucial impact on the overall picture of the development of society. Economic growth must be continuous and must create jobs to ensure that funding of the Finland’s welfare society and extensive social sector is balanced in relation to public sector revenue. In addition to a job-creating economic policy, technological development is also needed to support sustainable economic growth. Technology creates opportunities for maintaining growth and at the same time curbing the use of natural resources. An ageing population and a declining labour force are major factors threatening to reduce the total work input of the economy and to slow the productivity growth rate.