21 June 2001
Inquiries: Mr Tuomas Rothovius +358 9 1734
3360
Director in charge: Mr Markku Suur-Kujala
GDP grew by 3.4 per cent in the first quarter of 2001
In the first quarter of 2001, the volume of Finland's gross domestic product grew by 3.4 per cent compared to the same quarter in 2000. Output did not grow compared to the previous quarter. This is indicated by the preliminary National Accounts data compiled by Statistics Finland.
The growth of the economy was sustained by private investments and by some of the consumption of households. Investments in machinery and equipment increased by 15 per cent compared to the first quarter in 2000. Construction investments were of approximately the same magnitude as twelve months before. Households' final consumption expenditure grew by good one per cent: markedly fewer new cars were purchased than in the corresponding period in 2000, but households spent more money on other expenditure. In the January to March period, exports grew by 5 per cent and imports by 7 per cent.
The volume of output increased by the most in the metal industry, which grew by 14 per cent in the wake of the electrical industry. In contrast, output in the wood and paper industry contracted by 4 per cent. Trade increased by 4 per cent despite the petered out car sales.
The wages and salaries bill of the national economy was 8 per cent greater than twelve months earlier. Over the same time period, enterprises' operating surplus increased by 10 per cent.
According to the preliminary data of Eurostat, the Statistical Office of the European Communities, gross domestic product increased by 2.5 per cent in the EU area in the first quarter of 2001 when compared to the same period last year.
The gross domestic product includes all the goods and services produced during the quarter concerned. 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 2001, 1st quarter. Statistics Finland