29 June, 1999
Inquiries: Mr Tuomas Rothovius +358 9 1734
3360
Director in charge: Mr Jarmo Hyrkkö
GDP up by 2.7 per cent in the first quarter of 1999
From the first quarter of 1998 to the first quarter of 1999, Finland's gross domestic product grew by 2.7 per cent. Of the total growth, 2.0 percentage points came from the metal industry. This is indicated by the preliminary data on National Accounts compiled by Statistics Finland.
In the January-March period of 1999, the volume of output grew by most, or 15.5 per cent, in the metal industry. Yet, only the manufacture of electrical products increased, while in the rest of the metal industry output contracted from the previous year's corresponding quarter. Output grew by 4.8 per cent in trade and by 4.2 per cent in other business activities.
Construction grew by 4.8 per cent with housing construction, in particular, showing an increase compared to a year earlier. Output in central and local government remained unchanged.
In the wood and paper industry, output contracted by 1.5 per cent and in other manufacturing by 2.4 per cent. Output in transportation also fell by one per cent, as industrial transports decreased. Both agriculture and forestry contracted by approximately 4 per cent.
Exports contracted by 1.6 per cent while imports remained unchanged from a year earlier. Economic growth was sustained by private demand: private final consumption expenditure went up by 4.3 per cent and private investments by 12.5 per cent.
The wages and salaries bill of the national economy grew by good six per cent. The operating surplus contracted by approximately five per cent. Allowing for the effect of foreign trade import and export prices, real national income went up by one-and-a-half per cent from the first quarter of 1998 to the first quarter of 1999.
Source: National Accounts 1999, 1st quarter. Statistics Finland