GDP up by 5.8 per cent in last quarter of 1996

Finland's gross domestic product for the last quarter of 1996 was up by 5.8 per cent on the figure for the corresponding period in 1995. The growth rate accelerated towards the end of the year. In the first quarter of 1996 GDP grew by 1.5 per cent, in the second quarter by 1.7 per cent, and in the third quarter by 4.1 per cent on the year before. This appears from the preliminary data on National Accounts compiled by Statistics Finland.

GDP for the whole of 1996 increased by 3.3 per cent according to the revised data, standing at FIM 569 billion.

Adjusted for seasonal variation GDP for the last quarter was up by 1.3 per cent on the figure for the third quarter. In the third quarter, in turn, there was a growth of 2.4 per cent compared to the previous quarter.

GDP at market price
by quarter at the prices of 1990

Private final consumption increased in the fourth quarter by a good 4 per cent on the year before. The strongest growth was recorded for purchases of durable goods and consumption of services. Investments in machinery and equipment are estimated to have grown by 3.5 per cent, and those in construction by over 16 per cent.

The growth of exports accelerated towards the end of the year, standing at over 10 per cent during the last quarter. Imports also increased, by nearly 7 per cent on the year before.

Output in the wood and paper industry grew by over 11 per cent in the October-December period, and that in the metal industry by 6 per cent. Output also increased in energy supply, hotel and restaurant services, construction, wholesale and retail trade, and transport and communications compared to the corresponding quarter in 1995, whereas primary production declined by close on one per cent.

The amount of wages and salaries of the national economy grew in the October-December period by just under 6 per cent compared to the year before. The operating surplus also increased by 6 per cent. National income grew by over 4.5 per cent; the figure for the whole year was up by a good 5 per cent.

Source: National Accounts, 4th quarter 1996. National Accounts 1997:4
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