Accelerated growth in gross domestic product in July-September

The growth of the gross domestic product accelerated in the third quarter of the year. GDP grew by 3.8 per cent, while in the first half of the year the growth was 1.4 per cent compared to the corresponding period in 1995. In the whole period from January to September GDP grew by a total of 2.2 per cent. This appears from the preliminary data on National Accounts compiled by Statistics Finland.

Adjusted for seasonal variation GDP grew by 2.1 per cent in the third quarter compared to the second quarter.

GDP at market price
by quarter at the prices of 1990

GDP was fuelled most by the metal industry, where output grew by over 7 per cent. Output increased in construction, transport and communications and business services by 6-7 per cent. Output in agriculture in the third quarter was increased by crop production, while in energy supply production was raised by electricity exports to Sweden. Output continued to decrease in forestry and in the wood and paper industry. The decrease in output was, however, a mere 2 per cent, as against the 9 per cent fall in the first half of the year.

Private final consumption was up by 2.5 per cent in the third quarter. Consumers' interest still lay in the purchases of durable consumer goods. They were especially interested in cars, electrical equipment, and household appliances and electronics.

Investments in machinery and equipment grew by just under 7 per cent in the January-September period. Investments in construction, instead, fell in the first and second quarter, but increased by over 6 per cent in the third quarter.

The amount of wages and salaries of the national economy grew by 5.5 per cent in the third quarter. The operating surplus decreased by over 2 per cent.

Source: National Accounts, 3rd quarter 1996.
National Accounts 1996:21
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