GDP did not grow from the previous year in the third quarter of 2001

In the third quarter of 2001 Finland's gross domestic product was of the same magnitude as in the third quarter of 2000. However, seasonally adjusted GDP went up from this year's previous quarter. According to revised data, the year-on-year growth in GDP amounted to 3.6 per cent in the first quarter and to 0.4 per cent in the second quarter. In the January to September period, GDP increased by 1.3 per cent from the same period in 2000. This is indicated by the preliminary National Accounts data compiled by Statistics Finland.

Economic growth has been curbed by falling exports. In the third quarter, exports fell by 10 per cent and imports by 4 per cent. In contrast, households' final consumption expenditure grew by close on 3 per cent. Excepting car purchases, private consumption has continued brisk throughout the early part of the year. Investments in machinery, equipment and transport equipment increased by 7 per cent.

Growth continued in the service industries, where the largest increase of 4 per cent was recorded in real estate and business activities. In comparison, primary production and processing industries contracted from twelve months back. In the wood and paper industry output fell by 11 per cent and in the metal industry by 0.5 per cent compared to the corresponding quarter of 2000. Construction contracted by 2 per cent.

In the third quarter of the year, the wages and salaries bill of the national economy was 5.7 per cent greater than twelve months before. Enterprises' operating surplus diminished by 12 per cent over the same time period.

According to the preliminary data of Eurostat, the Statistical Office of the European Communities, gross domestic product increased by 1.4 per cent in the EU area in the third quarter of 2001 when compared to the same period of the year before.

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. Seasonally adjusted GDP refers to a value from which the effect of annually occurring regular seasonal variation caused by holiday periods, seasonal weather, etc., has been removed.

Source: National Accounts 2001, 3rd quarter. Statistics Finland