Volume of gross domestic product grew by 0.8 per cent in 2025

Strong exports supported economic growth

Growth in exports was behind the positive economic flow in 2025 and in the first quarter of 2026. Several industries have shown strength. The improvement in international trade is also reflected in the current account, which was in surplus again after a long time in 2025.

The impact of the growth in exports is also visible in employment. Employment increased in those manufacturing industries where exports grew, even though the number of employed persons on the level of the whole economy decreased in 2025.

The development of the domestic market has continued to be subdued. The weak development in consumption and investments has kept domestic demand low. The weak economic situation in construction still hampers private investments on the level of the whole economy, but growth has been visible in investments related to data centres.

Public investments increase due to defence investments, especially in the first quarter of 2026. The majority of the growth in defence investments in the first quarter comes from imports. Investments based on imports do not directly raise gross domestic product, but because these are also subject to taxes on products, they have an increasing effect on gross domestic product, too. Gross domestic product is calculated as the sum of value added and taxes on products.

These changes in taxes on products are not of such a magnitude that they would cause significant fluctuations in the gross national product on the annual level, but they may impact the growth in one quarter in a situation where a large quantity of defence investments is recorded in one single quarter. The impact can be assessed by comparing the development of value added and gross national product.

Information and communication services growth engines

The strongest growth among the industries was seen in information and communication as well as mining and quarrying.

There is both strength and slow development in the manufacturing industries. In 2025, strong development was visible, for example, in the pharmaceutical industry, oil refining and the defence industry (manufacture of other transport equipment, for example).

The difficulties in the paper industry have continued for several years and no clear turn for the better was in sight in 2025 or in the first quarter of 2026. The situation is similar in construction. The decline in output has halted, but no upward turn has occurred.

The growth in the value of output in human health and social work services, which have grown strongly in the past few years, evened out in 2025. This is especially clear in the private sector, where output turned downwards after years of strong growth.

Revision of data

The gross national product for 2024 was revised upwards to 0.9 per cent in June (previously 0.4 per cent).

General government net borrowing was EUR 11 billion in 2025, or EUR one billion less than in the previous year. However, net borrowing was revised downwards by over EUR one billion from the level in March. This was due to, for example, a revision of government property income and investments and a correction to the source data for the employment pension sector.

Decline in households’ indebtedness ratio continues

Households’ saving rate was 6.1 per cent in 2025 (3.9% in 2024). The seasonally adjusted saving rate was 5.4 per cent in the first quarter of 2026.

In 2025, the saving rate grew from the previous year as income increased faster than expenditure. Compensation of employees and social benefits (including pensions) received by households increased moderately in 2025, but slightly faster than private consumption.

The decline in households’ indebtedness ratio continued at the beginning of 2026. The indebtedness ratio was at its highest in 2021, when it was 133 per cent. In 2025, the indebtedness ratio was 119 per cent and in the first quarter of 2026 it was 118 per cent.

Private sector net lending in surplus

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The net lending of corporations, households and financial corporations remained in surplus in 2025. The general government deficit relative to gross domestic product decreased.

In the first quarter of 2026, the financial position of the household sector remained in surplus. The corporate sector's net lending position turned slightly negative at the beginning of the year. During January–March, financial and insurance corporations continued to be clear net lenders. The sector’s surplus was driven particularly by other monetary financial institutions (S.122) and insurance corporations (S.128). Net lending describes whether the sector has extra finances for other sectors to use.

The development of the corporate sector (S.11) strengthened during 2025. The trend in value added continued to increase, which was also reflected in growth in gross operating surplus, i.e. corporate profits, and primary income. Compensation of employees increased moderately, but more slowly than value added. At the same time, the corporate sector’s net lending strengthened significantly during the year as income growth exceeded expenditure growth.

In the financial and insurance corporations sector (S.12), the trend in value added weakened during 2025. Gross operating surplus also declined, while compensation of employees showed no significant changes. The development of the sector’s primary income was mixed but, overall, somewhat weaker than a year earlier. Nevertheless, net lending remained clearly positive, although its level was lower than in the previous year.

Output of the national economy in the first quarter

The volume of Finland’s gross domestic product grew by 0.9 per cent in January to March 2026 from the level of the previous quarter (0.9 % also in May). Demand was boosted by growth in investments, exports and private consumption. The database tables of quarterly national accounts have been updated in summer to correspond to new annual data.

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Updating of national accounts data

Quarterly value added data are released two months after the end of the quarter (February, May, August and November). The corresponding quarterly data from the sector accounts perspective are released around two weeks later (March, June, September and December).

The most significant revisions to annual data are made in the June round. In June, data for the previous year concerning, for example, the cost structure of non-financial corporations, are obtained.

As the annual data are updated, the database tables of quarterly national accounts are updated to correspond to the new annual data. Due to the benchmarking and seasonal adjustment methods, quarterly data in the entire time series may become slightly revised in connection with each release.

A flash estimate on GDP development for April to June will be released in connection with the of the Trend Indicator of Output on 30 July 2026.

Detailed compilation methods for quarterly and annual data are presented in the separate methodology descriptions for quarterly and annual data.