Gross domestic product decreased by 0.9 per cent in July to September 2023

Release related to topics:National economy

release 30/11/2023 | Quarterly national accounts 2023, 3rd quarter

According to Statistics Finland, the volume of Finland's gross domestic product decreased in July to September 2023 by 0.9 per cent from the previous quarter. Gross domestic product adjusted for working days was 1.2 per cent lower than one year ago.

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Key selections

In July to September 2023, the volume of exports decreased by 1.8 per cent from the previous quarter. The volume of imports declined by 3.2 per cent.
In July to September 2023, private consumption decreased by 0.6 per cent from the April to June level.
Government consumption expenditure diminished by 2.7 per cent in the third quarter of 2023 from the level in April to June.
Gross fixed capital formation, or investments, contracted in July to September 2023 by 1.5 per cent from the previous quarter. Both private and public investments decreased.

Statistics used in the release

Quarterly national accounts

Data revisions

See key statistical data in the tables.

30/11/2023

Revision of volume changes in GDP

	2022Q3	2022Q4	2023Q1	2023Q2
Seasonally adjusted quarter-on-quarter change, %	1. release	-0.3	-0.6	0.2	0.6
Previous release	-0.5	-0.6	0.3	0.6
Latest release	-0.1	-0.6	0.1	0.4
Revision, %-points (latest minus first)	0.2	0	-0.1	-0.2
Working day adjusted year-on-year change, %	1. release	1	0	-0.4	-0.4
Previous release	1.2	-0.4	0	-0.4
Latest release	1.1	-0.3	0.1	-0.4
Revision, %-points (latest minus first)	0.1	-0.3	0.5	0

30/11/2023

Revision of volume changes in imports

	2022Q3	2022Q4	2023Q1	2023Q2
Seasonally adjusted quarter-on-quarter change, %	1. release	-0.8	-2.4	-2.7	-1.2
Previous release	-1.7	-2	-3	-1.2
Latest release	-0.7	-2.3	-3.4	-1.2
Revision, %-points (latest minus first)	0.1	0.1	-0.7	0
Working day adjusted year-on-year change, %	1. release	7.9	-1.9	-3.7	-7.7
Previous release	8.4	-0.3	-3	-7.7
Latest release	8.6	0.1	-3	-7.3
Revision, %-points (latest minus first)	0.7	2	0.7	0.4

30/11/2023

Revision of volume changes in exports

	2022Q3	2022Q4	2023Q1	2023Q2
Seasonally adjusted quarter-on-quarter change, %	1. release	1.9	-2.9	-0.1	-0.2
Previous release	1	-1.9	-0.2	-0.2
Latest release	1.6	-2	0	-0.1
Revision, %-points (latest minus first)	-0.3	0.9	0.1	0.1
Working day adjusted year-on-year change, %	1. release	1.5	-4.8	0.8	-1.2
Previous release	4.1	-1.8	2.6	-1.2
Latest release	4.3	-1.5	3.4	-0.4
Revision, %-points (latest minus first)	2.8	3.3	2.6	0.8

Database tables

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Updated database tables

11tj

Employment and hours worked quarterly(External link)

Classifications used:

Transaction
Industry

Reference period cycle:

quarter

Updating frequency:

eight times a year

Statistics:

Quarterly national accounts

Updated:

18/09/2024

132h

Gross domestic product and national income, supply and demand, quarterly(External link)

Classifications used:

Transaction

Reference period cycle:

quarter

Updating frequency:

eight times a year

Statistics:

Quarterly national accounts

Updated:

18/09/2024

132g

Income and production by industry, quarterly(External link)

Classifications used:

Transaction
Industry

Reference period cycle:

quarter

Updating frequency:

eight times a year

Statistics:

Quarterly national accounts

Updated:

18/09/2024

Future releases

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Documentation

Description of the production, used methods and quality of the statistics.

Go to documentation of the statistics

Referencing instructions

Official Statistics of Finland (OSF): Quarterly national accounts [online publication].

Reference period: 2023, 3rd quarter. ISSN=1797-9765. Helsinki: Statistics Finland [Referenced: 24.11.2024].

Access method:

Statistical experts

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Service email

kansantalous.suhdanteet@stat.fi

Eljas Tuomaala

Senior Statistician

029 551 2723

Other experts

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Senior Statistician

029 551 3613

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Katri Kaaja

Head of Department in charge

029 551 3488