24 March, 1998

Inquiries: Mr Erkki Lääkäri + 358 9 1734 3355
Statistical Director in charge: Mr Markku Suur-Kujala

GDP up by 6.2 per cent in the last quarter of 1997

Finland's gross domestic product for the last quarter of 1997 grew by 6.2 per cent compared to the corresponding period in 1996. Growth continued strong from the second quarter of the year onwards. GDP increased by 4 per cent in the first, good 7 per cent in the second, and nearly 6.5 per cent in the third quarter of 1997.

The amount of GDP for the whole of 1997 grew by 5.9 per cent. Nominal GDP was FIM 618 billion, as indicated by the preliminary data on National Accounts compiled by Statistics Finland.

In the October-December period, private final consumption increased by good 3 per cent. The biggest increases were recorded in purchases of durable consumer goods and consumer services. Investments in machinery and equipment grew by 13.5 per cent, and those in construction by nearly 15 per cent.

The growth of exports moderated towards the end of the year, falling to just below 9 per cent in the final quarter of 1997. The growth of imports also slowed down from the previous year, to stand at just short of 8 per cent.

In the October-December period, output in the wood and paper industry grew by over 13 per cent and in the metal industry by 14.5 per cent. Primary production increased by over 9.5 per cent. Output in construction also grew rapidly and finished up by 11.5 per cent, while output in transport increased by over 8 per cent on the previous year.

The nominal wages and salaries bill of the national economy grew by just under 5 per cent and the operating surplus by 19 per cent in the October-December period. In the last quarter of 1997, national income grew, nominally, by 10 per cent, while national income for the whole year was up by over 8,5 per cent.

Source: National Accounts, 4th quarter, 1997. Statistics Finland