26 September, 2000
Inquiries: Mr Tuomas Rothovius +358 9 1734
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Director in charge: Mr Markku Suur-Kujala
GDP up by 4.5 per cent in the second quarter
In the second quarter of 2000, Finland's gross domestic product grew by 4.5 per cent compared to the same period last year. Of the growth, 2.6 percentage points came from the metal industry. According to revised data, gross domestic product grew by 5.5 per cent in the first quarter compared to the same quarter of 1999. This is indicated by the preliminary data on National Accounts compiled by Statistics Finland.
The growth of the economy was based on private consumption and exports. Households' consumption expenditure went up by over 4 per cent, despite sales of motor vehicles slowing down in the second quarter. The volume of both imports and exports increased by around 12 per cent. Investments in machinery, equipment and transport equipment grew just by 2 per cent in the early part of the year. Of them, less transport equipment was purchased than the year before.
Fast growth of output continued in the metal industry, where output was up by 18 per cent in the second quarter. Due to the April strike of the wood and paper industry, output in the branch did not go up. Other manufacturing and construction grew by 4 per cent. Output in trade increased by 4.5 per cent.
In the early part of the year, the wage and salary bill of the national economy was 5.9 per cent greater than the year before. Enterprises' operating surplus increased by 17 per cent in the same period.
According to the preliminary data of the statistical office of the European Communities, Eurostat, the gross domestic product increased by 3.7 per cent in the EU Member States in the second quarter of 2000 compared to the corresponding quarter of 1999.
The gross domestic product includes all the goods and services produced during the April to June period, and the effect of the value of money, i.e. inflation, has been removed from its volume change.
Source: National Accounts 2000, 2nd quarter. Statistics Finland