Home > Statistics > Quarterly national accounts > 2009 > 3rd quarter > Gross domestic product grew by 0.3 per cent from the previous quarter but contracted by 9.1 per cent year-on-year

Published: 8 December 2009

Gross domestic product grew by 0.3 per cent from the previous quarter but contracted by 9.1 per cent year-on-year

According to preliminary data of Statistics Finland, in the third quarter of 2009 the volume of Finland’s GDP increased by 0.3 per cent from the previous quarter. Compared to the third quarter of 2008, working-day adjusted GDP contracted by 9.1 per cent. The third quarter of 2009 had the same number of working days as twelve months before. The seasonally adjusted and trend series of GDP have become significantly revised for 2008 and 2009 because of changes in seasonal adjustment. The reasons for this are elaborated on in the review text and in a separate methodological release. http://tilastokeskus.fi/ajk/tiedotteet/2009/tiedote_019_2009-12-08_en.html .

Revisions put the change in the volume of GDP in the second quarter of 2009 at -0.3 per cent from the previous quarter (from previously calculated -2.6%) and at -9.1 per cent from twelve months back (from previously calculated -9.4%). Especially in exceptional economic situations like the present one seasonally adjusted and trend data contain more uncertainties than usual. The change in seasonal adjustment treatment does not influence the original or working-day adjusted time series, so the calculated percentage changes from the respective quarter twelve months back have only become revised due to minor revisions in the source data.

Gross domestic product by quarter at reference year 2000 prices

The volume of exports grew by 0.6 per cent from the previous quarter but contracted by 26.6 per cent year-on-year. Imports increased by 3.3 per cent from the previous quarter but decreased by 24.5 per cent year-on-year. In the third quarter, the volume of private consumption grew by 0.3 per cent from the previous quarter but was 1.1 per cent lower than twelve months back. Investments diminished by 7.9 per cent from the previous quarter and by 20 per cent year-on-year.

Volume refers to data adjusted for price changes. Volumes at reference year 2000 prices are expressed relative to the 2000 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.

Source: National Accounts 2009, 3rd quarter. Statistics Finland

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

Director in charge: Ari Tyrkkö

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• Plunge of GDP has halted, economy is stabilising (8.12.2009)

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Updated 8.12.2009