GDP up by 2.2 per cent in last quarter of 1995

Finland's gross domestic product for the last quarter of 1995 was up by 2.2 per cent on the figure for the corresponding period in 1994. The growth rate slowed down towards the end of the year. In the first quarter of 1995 GDP increased by over 7 per cent, in the second quarter by less than 5 per cent, and in the third quarter by 3 per cent. Revised calculations indicate that GDP for the whole of 1995 increased by 4.2 per cent, standing at FIM 550 billion. The figures are based on the preliminary National Accounts data compiled by Statistics Finland.

Adjusted for seasonal variation, GDP for the last quarter of 1995 was down by 0.1 per cent on the figure for the third quarter. Figures for the third quarter still indicated an increase of 0.5 per cent on the previous quarter.

GDP at market price
by quarter at the prices of 1990, Fim mill.

Private consumption increased during the fourth quarter by over 3 per cent. The fastest growth was recorded for purchases of consumer durables and expenses related to travel abroad. It is estimated that investment in machinery and equipment during the last quarter of 1995 increased by 20 per cent, whereas investment in construction were down by over 2 per cent.

The growth of exports slowed down towards the end of the years, standing at only 2 per cent during the last quarter. Imports, on the other hand, increased by six per cent.

Production in the metal industry increased by 15 per cent in October- December, whereas the figures for the for the wood and paper industry dropped by 10 per cent. Production in extractive industries declined by six per cent during the last quarter of 1995. The figures for energy and water supply, construction, and financing and insurance were also down on the corresponding period of the previous year.

The amount of wages and salaries of the national economy increased by over 5 per cent in nominal terms in the October-December period. The operating surplus increased by over 12 per cent. National income increased in nominal terms by 9 per cent; the figure for the whole year was over 10 per cent.

Source: National Accounts, 4th quarter 1995. National Accounts 1996:4
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