Home > Statistics > Quarterly national accounts > 2006 > 1st quarter > GDP grew by 0,9* per cent in the first quarter of 2006

Published: 9 June 2006

GDP grew by 0,9* per cent in the first quarter of 2006

Correction to the preliminary quarterly national accounts data released on 9 June 2006. The method for calculating quarterly national accounts data at constant prices has been revised, which is why the data on the development of the volume of GDP deviate from those released in June.

In the first quarter of 2006, the volume of Finland's gross domestic product increased by 0,9* per cent from the previous quarter. Compared with the first quarter of 2005, GDP was 5,1* per cent higher, and adjusted seasonally, the corresponding change in GDP was 4,1* per cent from the year before. The data appear from the preliminary national accounts data compiled by Statistics Finland.

The output of the national economy was increased in the first quarter of the year by all the demand components: exports, household consumption and investments. In January to March households' consumption expenditure increased by 4 per cent from one year ago. Purchases of furniture and especially of household appliances and electronics were plentiful. Fixed investments grew by 11** per cent. Construction investments increased by 11** per cent and investments in machinery and equipment by 12** per cent. Imports grew by 9** per cent from the year before and the volume of exports increased by more than 12** per cent.

Gross domestic product by quarter at 2000 prices

The calculation method of value added was revised in quarterly national accounts. Value added by industry is calculated by subtracting intermediate consumption from output.

At the same time, the fixed base year is changed into a varying base year where the base year is always the preceding year but the data released are expressed at the prices of the reference year 2000.

* Figures corrected on 18 July 2006. The previously reported figures were: In the first quarter of 2006, the volume of Finland's gross domestic product increased by 1.0 per cent from the previous quarter. Compared with the first quarter of 2005, GDP was 3.9 per cent higher, and adjusted seasonally, the corresponding change in GDP was 2.9 per cent from the year before.

** Figures corrected on 18 July 2006. The previously reported figures were: Fixed investments grew by 10 per cent. Construction investments increased by 10 per cent and investments in machinery and equipment by 11 per cent. Imports grew by 10 per cent from the year before and the volume of exports increased by more than 12 per cent.

Methodological descriptions

Source: National Accounts 2006, 1st quarter. Statistics Finland

Inquiries: Mr Erkki Lääkäri +358 9 1734 3355, kansantalous.suhdanteet@stat.fi

Director in charge: Mr Ari Tyrkkö

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Appendix tables

• National balance of supply and demand 2006, 1st quarter (Excel) (18.7.2006)
• National balance of supply and demand 2006, 1st quarter (Excel) (9.6.2006)

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Last updated 17.7.2006