22 December, 2000
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Director in charge: Mr Markku Suur-Kujala
GDP grew by 5.6 per cent in the third quarter
In the third quarter of 2000, the volume of Finland's gross domestic product grew by 5.6 per cent compared to the same quarter in 1999. Of this growth, 3.1 percentage points came from the metal industry. In the January to September period, Finland's gross domestic product increased by 5.3 per cent. Finnish economy has now been growing continuously since the latter part of 1993. This is indicated by the preliminary National Accounts data compiled by Statistics Finland.
The growth of the economy hinged on strongly increased exports. Exports grew by 19 per cent and imports by 11 per cent. Households' final consumption expenditure grew by only 3 per cent and fewer new cars were purchased than in the corresponding period in 1999. After insignificant investments in machinery, equipment and transport equipment in the early part of the year, these investments went up again and were 8 per cent greater in the third quarter of 2000 than in the previous year's corresponding quarter. However, less transport equipment was purchased than twelve months earlier.
Rapid growth of the electrical industry increased the output of the entire metal industry branch by as much as 25 per cent compared to the same quarter of 1999. In the wood and paper industry, output went up by 6 per cent in the third quarter and in other manufacturing by 4 per cent. Construction livened up by 5 per cent. Thanks to good grain crops, output in agriculture increased by 22 per cent.
The wages and salaries bill of the national economy was 6 per cent greater in the January to September 2000 period than a year earlier. Over the same time period, enterprises' operating surplus grew by 19 per cent.
According to the preliminary data of Eurostat, the Statistical Office of the European Communities, gross domestic product increased by 3.4 per cent in the EU Member States in the third quarter of 2000 when compared to the same period last year.
The gross domestic product includes all the goods and services produced during the third quarter. Change in the amount, or volume, of the GDP refers to a value from which the effect of deterioration in the value of money, i.e. inflation, has been removed.
Source: National Accounts 2000, 3rd quarter. Statistics Finland