Volume of gross domestic product rose by 0.4 per cent in 2024

Value added by industry

In total industry (B to E), output at current prices decreased from 2023. The price pressure in industry has eased from a few years back and producer prices for manufactured products decreased. 

The volume of value added grew in total industry, as prices of output decreased faster than prices of intermediate consumption.

In construction, newbuilding in particular continued to decline from the previous year. The weak economic situation in construction was clearly the most significant factor behind the weak growth.

Output and value added of services at current prices increased moderately. As prices rose, the volume of value added of services remained on level with the previous year. Of services, human health and social work activities continued to grow in 2024. 

Employment and wages and salaries

The weak economic situation in construction weighed down the employment development in the private sector. The development of wages and salaries and employment in the private sector was subdued also outside construction. In the private sector, wages and salaries increased by slightly over one per cent.

Wages and salaries in the public sector increased faster than in the private sector. This was particularly due to growth in wages and salaries and employment in human health and social work activities.

Investments

The steep decline in private sector investments continued in 2024 as building investments decreased. 

Public investments increased clearly as especially government investments grew. Government investments were boosted by, for example, road maintenance and investments in transport equipment.

Private consumption

More money than in the previous year was used on private consumption in 2024, but the growth in the amount of money was close to the rise in prices of private consumption. Thus, the volume of purchased goods and services remained more or less on level with 2023.

Households' savings increased in 2024. There were several reasons for this.

Households’ income grew due to higher pensions as a result of index increases. 

Private consumption increased at a slower rate than wages rose, and social security contributions paid by households decreased in 2024.

Current account in balance in 2024

The value and volume of exports of goods declined in 2024 while exports of services grew. The monetary value and volume of imports of goods also decreased from the year before. 

The current account was slightly in surplus.

General government deficit continued to grow 

The deficit of general government increased to EUR 12.3 billion in 2024. In the previous year, the deficit was EUR 7.9 billion. 

The deficit of central government was EUR 10.1 billion, while one year before it was EUR 9.1 billion. The growth in deficit was primarily impacted by investments, current transfers to social
security funds and wellbeing services counties as well as debt management expenditure. 

The deficit of local government, excluding wellbeing services county administration, decreased from the previous year, being EUR 0.8 billion. The decrease in the deficit was particularly caused by an increase in tax revenue and a moderate increase in expenditure. The deficit of wellbeing services county administration was EUR 1.7 billion, while it was EUR 1.6 billion in 2023.

The surplus of employment pension schemes was EUR 1.7 billion, while it was EUR 2.6 billion in 2023. The weakening of the financial position was mainly due to increased pension contributions as a result of index increases. 

The financial position of other social security funds also weakened. Social security contributions received decreased significantly because the share of insurance contributions in wages and salaries was lowered in 2024. 

National Accounts' table package

The table package combining national accounts data is available in PDF/A format in Finnish and English. The table package is updated in connection with each annual national accounts release.