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Published: 14 November 2018

National economy grew in September

Seasonally adjusted output grew by 0.6 per cent in September 2018 from the month before. In September, working-day adjusted output was 3.2 per cent higher than one year before. According to revised data, working-day adjusted output increased in August 2018 by 2.6 per cent (previously 2.3 per cent) from August 2017.

Volume of total output 2005 to 2018, trend and seasonally adjusted series

The series of the Trend Indicator of Output are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

Working day adjusted change of total output from previous year’s corresponding month, %

Working day adjusted primary production grew by around three, secondary production by slightly under seven and services by slightly under two per cent from September 2017.

Primary production refers to agriculture, hunting, forestry and fishing. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.

GDP and employment are estimated to have grown in the third quarter of 2018

Seasonally adjusted GDP is estimated to have risen by 0.3 per cent from the previous quarter. According to the series adjusted for working days, GDP was 2.2 per cent up on the corresponding quarter of the year before. It is estimated that the number of the employed has increased by around 2.7 per cent from one year ago. Adjusted for working days, the number of hours worked was around 3.5 per cent higher than in the same quarter of one year ago.

The data are based on preliminary data of the Trend Indicator of Output. The next quarterly national accounts with more detailed data will be published on 30 November 2018.

Flash estimate, seasonally adjusted, at reference year 2010 prices

Intermediate consumption, as well as taxes and subsidies on products are not estimated in the compilation of the quarterly flash estimate, but quarterly GDP is carried forward with a change based on the data of the Trend Indicator of Output.

Source: Trend Indicator of Output, Statistics Finland

Inquiries: Antti Kosunen 029 551 3613, Samu Hakala 029 551 3756, kansantalous.suhdanteet@stat.fi

Director in charge: Ville Vertanen

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Updated 14.11.2018