Published: 26 February 2021

Gross domestic product grew by 1.3 per cent in 2019

According to Statistics Finland's revised data, the volume of GDP grew by 1.3 per cent in 2019. According to the preliminary data released in December, the growth was 1.1 per cent. As concerns enterprise data, the data for 2019 have been revised as the final annual data for enterprises were completed. Data on international trade and consumption expenditure calculations have also become revised.

Annual change in the volume of gross domestic product, per cent

Annual change in the volume of gross domestic product, per cent

The revised data for 2019 were also used in the compilation of quarterly national accounts published today, 26 February.

Growth in construction slowed down in 2019

Examined by industry, the growth in value added in construction slowed down clearly from previous years and the volume of the industry made a downturn.

In the electronics industry, both output and intermediate consumption grew strongly in connection with the growth in international trade in services, but value added grew only slightly. The growth in output and intermediate consumption was revised downwards from previously published data.

In financing, the clear fall in value added in 2019 was due to international enterprise reorganisations.

Revision of data on international trade concerning 2019 in national accounts and balance of payments

The data on international trade concerning 2019 became significantly revised in the national accounts data released on 26 February 2021. The need for correction was detected when more detailed breakdowns of enterprises' turnover and expenses were completed. The updated data were calculated in national accounts based on enterprises' financial statements for 2019 and breakdowns of profit and loss accounts.

The figures have been updated in the national accounts data published on 26 February 2021 and will also be updated in the balance of payments and the statistics on international trade in goods and services on 15 March 2021.

The most significant change was the decrease of EUR 1.1 billion in service exports and the decrease of EUR 0.7 billion in service imports. Correspondingly, the level of sales and purchases of factoryless goods production included in goods exports was raised by EUR one billion. This does not, however, affect the level of goods exports because sales of factoryless production are netted in relation to purchases. The effect is visible as significant changes in the country division of goods exports. The change does not affect imports of goods.

Households' consumption expenditure calculations were updated

Due to revised production account calculations, households' consumption expenditure calculations were also updated. Most of the data had been calculated based on final data already earlier, but there were some changes to the figures. The changes were mostly not very significant and because they occurred both ways, the combined effect on the total level of consumption expenditure was small.

Possible need for corrections to employment pensions schemes’ property income and primary income from the rest of the world for 2017 to 2020

Statistics Finland and Eurostat assess the processing of primary income received from the rest of the world by employment pension schemes. The possible correction will be made as soon as possible and it would affect the data for 2017 to 2020.


Source: National Accounts 2019, revised data. Statistics Finland

Inquiries: Tapio Kuusisto 029 551 3318, Jarkko Kaunisto 029 551 3551, kansantalous@stat.fi

Head of Department in charge: Katri Kaaja

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Tables

Tables in databases

Appendix tables


Updated 26.2.2021

Referencing instructions:

Official Statistics of Finland (OSF): Annual national accounts [e-publication].
ISSN=1798-0623. 2019. Helsinki: Statistics Finland [referred: 15.4.2021].
Access method: http://www.stat.fi/til/vtp/2019/vtp_2019_2021-02-26_tie_001_en.html