Development by industry
|Updated: 5.12.2013 - Next update: 5.3.2014|
The total value added in Finland’s economy still lower than one year ago
The volume of total value added generated by all industries grew by 0.1 per cent from the previous quarter but diminished by 0.4 per cent from twelve months back.
In primary production, that is, agriculture, forestry and fishing, the volume of value added was in the third quarter at the same level as in the previous quarter and 4.1 per cent higher than one year earlier.
Manufacturing output grew in July to September. Value added in manufacturing (industries B-E) was 1.7 per cent up on the previous quarter but 0.5 per cent down on the respective quarter twelve months back. Output of manufacturing industries C grew from the previous quarter by 1.5 per cent. However, manufacturing was still 0.6 per cent lower than one year before.
In the July to September period, output in construction diminished by 0.3 per cent from the previous quarter and by 1.3 per cent from one year back.
In service industries, value added remained on level with the previous quarter but decreased by 0.7 per cent from twelve months back. Compared with the previous quarter, value added in private services grew by 0.7 per cent but value added in public services fell by 1.7 per cent.
Value added in trade was 0.3 per cent lower than in the previous quarter and 3.5 per cent lower than in the third quarter of 2012.
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.
Value added (gross) refers to the value generated by any unit engaged in a production activity. In market production it is calculated by deducting from the unit's output the intermediates (goods and services) used in the production process and in non-market production by adding up compensation of employees, consumption of fixed capital and possible taxes on production and imports.
The examination of industry-specific development can assist in the comprehensive analysis of industrial economic development prospects and growth forecasts. Industry-specific indicators also provide important information about jobs and employment growth, the vitality of the structure of business and industry as well as regional differences in business activity and jobs. The information provided by industry-specific indicators can be utilised both in labour and business policy planning and in the targeting of education and research.
The public administration’s goal is to maintain a high employment rate as well as high employment across different sectors. Large regional differences in different industries and jobs as well as the structural challenges of the labour market will require in future measures that promote flexibility in work, the more effective coordination of work and education, and sustainably directed investments in new, developing industries.