Gross domestic product grew by 0.2 per cent in January to March 2024

Release related to topics:National economy

release 31/05/2024 | Quarterly national accounts 2024, 1st quarter

According to Statistics Finland, the volume of Finland’s gross domestic product grew by 0.2 per cent in January to March 2024 from the level of the previous quarter. Adjusted for working days, GDP was 1.2 per cent lower than one year ago. According to preliminary data compiled by Eurostat, GDP in the EU area grew by 0.3 per cent in January to March 2024 from the previous quarter.

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Key selections

In January to March 2024, the volume of exports decreased by 4.6 per cent from the previous quarter. The volume of imports declined by 0.5 per cent.
Private consumption grew by 1.0 per cent in the first quarter of 2024 from the level in October to December.
Government consumption expenditure increased by 2.2 per cent in the first quarter of 2024 from October to December.
Gross fixed capital formation, or investments, contracted in January to March 2024 by 4.8 per cent from the previous quarter. Both private and public sector investments decreased.

Statistics used in the release

Quarterly national accounts

Data revisions

See key statistical data in the tables.

31/05/2024

Revision of volume changes in exports

	2023Q1	2023Q2	2023Q3	2023Q4
Seasonally adjusted quarter-on-quarter change, %	1. release	-0.1	-0.2	-1.8	-1
Previous release	-0.3	-0.7	-2.8	-1
Latest release	-0.3	-0.6	-2.8	-0.8
Revision, %-points (latest minus first)	-0.2	-0.4	-1	0.2
Working day adjusted year-on-year change, %	1. release	0.8	-1.2	-3.7	-6.2
Previous release	4	0.4	-4.5	-6.2
Latest release	4.1	0.5	-4.5	-6.1
Revision, %-points (latest minus first)	3.3	1.7	-0.8	0.1

31/05/2024

Revision of volume changes in imports

	2023Q1	2023Q2	2023Q3	2023Q4
Seasonally adjusted quarter-on-quarter change, %	1. release	-2.7	-1.2	-3.2	-1.5
Previous release	-4.2	-0.6	-3.6	-1.5
Latest release	-3.8	-0.8	-3.5	-0.9
Revision, %-points (latest minus first)	-1.1	0.4	-0.3	0.6
Working day adjusted year-on-year change, %	1. release	-3.7	-7.7	-9.8	-9.7
Previous release	-3.2	-6.7	-9.7	-9.7
Latest release	-3.1	-6.8	-9.6	-8.9
Revision, %-points (latest minus first)	0.6	0.9	0.2	0.8

31/05/2024

Revision of volume changes in GDP

	2023Q1	2023Q2	2023Q3	2023Q4
Seasonally adjusted quarter-on-quarter change, %	1. release	0.2	0.6	-0.9	-0.7
Previous release	-0.1	0.4	-1.1	-0.7
Latest release	-0.2	0.6	-1	-0.8
Revision, %-points (latest minus first)	-0.4	0	-0.1	-0.1
Working day adjusted year-on-year change, %	1. release	-0.4	-0.4	-1.2	-1.8
Previous release	-0.1	-0.3	-1.6	-1.8
Latest release	-0.3	-0.5	-1.6	-1.5
Revision, %-points (latest minus first)	0.1	-0.1	-0.4	0.3

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

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

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

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: 2024, 1st quarter. ISSN=1797-9765. Helsinki: Statistics Finland [Referenced: 15.11.2024].

Access method:

Statistical experts

Inquiries primarily

Service email

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Eljas Tuomaala

Senior Statistician

029 551 2723

Other experts

Antti Kosunen

Senior Statistician

029 551 3613

Head of Department in charge

Katri Kaaja

Head of Department in charge

029 551 3488