GDP up by 1.6 per cent in April-June

In the second quarter of this year gross domestic product grew by 1.6 per cent, while in the January-March quarter there was a growth of 1.4 per cent compared to the corresponding period in 1995. In the first half of the year GDP grew by 1.5 per cent. This appears from the preliminary National Accounts data compiled by Statistics Finland.

Adjusted for seasonal variation, GDP for the second quarter grew by 0.3 per cent compared to the first quarter. In the first quarter, in turn, the seasonally-adjusted GDP was up by one per cent on the figure for the previous quarter.

GDP at market price
by quarter at the prices of 1990

Output in the metal industry increased by 5 per cent. The figures for energy and water supply were also up by close on 8 per cent, whereas in the wood and paper industry output decreased for the third consecutive quarter. Output was just under 9 per cent lower than in the second quarter of the year before. There was also a substantial decrease in output in the forest industry and in hotels and restaurants.

Private final consumption increased in the second quarter by a mere 1.5 per cent. Consumers were interested in particular in durable consumer goods such as cars, electrical equipment, and household appliances.

Investments in machinery and equipment increased by a good 14 per cent in the first half of the year, whereas investments in construction fell further, by about 4 per cent in the second quarter.

The amount of wages and salaries of the national economy grew by 4.7 per cent. Operating surplus decreased by about 2 per cent.

Source: National Accounts, 2nd quarter 1996. National Account 1996:15
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