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Published: 11 May 2006

GDP grew in the first quarter

Estimates indicate that adjusted for seasonal variation and calendar days (working and trading days) the volume of GDP grew by 0.4 per cent in the first quarter from the quarter before. Examined against original figures on output volumes, the growth from the same quarter twelve months back was 3.8 per cent. Estimates put the corresponding year-on-year change in GDP adjusted for seasonal variation at 2.8 per cent.

National Accounts time series for 1975-2004 were published at the end of March. The figure below is based on time series produced with the old method for the 1995-2005 period.

Quarterly national accounts with more precise data on GDP will be published on 9 June 2006.

GDP, seasonally adjusted series, 1/2006 Flash Estimate, at 2000 prices

Revised volume calculation

The methods for fixed price calculations in National Accounts have been revised. Output at current prices and intermediate consumption are now deflated separately, and value added at fixed prices derived as the difference of these figures. At the same time, the fixed base year was changed into a varying one. Corresponding methodological revisions will be introduced in quarterly accounts. Revised time series for 1975-2004 were published at the end of March. Annual data for 2005 and data for the first quarter of 2006 will published on 9 June 2006.

The method for calculating the Monthly Indicator of Total Output will be kept unchanged, so it will describe development of output rather than that of value added in the revised National Accounts. Because of the methodological revision of quarterly accounts, the quarterly Flash Estimate based on the Monthly Indicator of Total Output will no longer be published with the same contents as at present after May.

Source: Flash Estimate of GDP on Quarter 1/2006. Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667, kansantalous.suhdanteet@stat.fi

Director in charge: Mr Ari Tyrkkö

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Last updated 11.5.2006