Home > Statistics > Quarterly national accounts > 2008 > 4th quarter > Gross domestic product fell by 2.4 per cent in the fourth quarter, Finland is in recession

Published: 27 February 2009

Gross domestic product fell by 2.4 per cent in the fourth quarter, Finland is in recession

According to preliminary data of Statistics Finland, in the fourth quarter of 2008 the volume of Finland’s GDP fell by 1.3 per cent from the previous quarter. Compared to the last quarter of 2007, GDP adjusted for working days was down by 2.4 per cent. The fourth quarter of 2008 had one more working day than one year previously.

Revisions put growth in GDP in the third quarter at +1.4 per cent from twelve months back and at -0.3 per cent from the previous quarter. If recession is defined as two successive quarters with falling volume of GDP, Finland’s economy is now in recession.

Gross domestic product by quarter at reference year 2000 prices

In the fourth quarter the volume of exports contracted by 14.2 per cent and that of imports by 14.5 per cent year-on-year. The volume of private consumption contracted by 1.2 per cent and investments decreased by 2.1 per cent in the fourth quarter.

Volume refers to value data adjusted for price changes. Volumes at reference year 2000 prices are expressed relative to the 2000 level in euros.

Source: National Accounts 2008, 4th quarter. Statistics Finland

Inquiries: Pasi Koikkalainen (09) 1734 3332, Samu Hakala (09) 1734 3756

Director in charge: Ari Tyrkkö

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Updated 27.2.2009