Home > Statistics > Quarterly national accounts > 2010 > 1st quarter > Gross domestic product contracted by 0.4 per cent from previous quarter and by 0.8 per cent year-on-year

Published: 9 June 2010

Gross domestic product contracted by 0.4 per cent from previous quarter and by 0.8 per cent year-on-year

According to preliminary data of Statistics Finland, in the first quarter of 2010 the volume of Finland’s GDP contracted by 0.4 per cent from the previous quarter. Compared to the first quarter of 2009, working-day adjusted GDP contracted by 0.8 per cent. The first quarter of 2010 had the same number of working days as twelve months earlier.

Gross domestic product by quarter at reference year 2000 prices

Revisions put the change in the volume of GDP in the last quarter of 2009 at -0.2 per cent from the previous quarter (previously -0.0%) and at -5.2 per cent from twelve months back (previously -5.1%). The data of the seasonally adjusted and trend series always become revised as new observations become available. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

The volume of exports fell by 11 per cent from the previous quarter and by 2.2 per cent year-on-year. The cruise ship delivery that took place in the last quarter of 2009 lowers the calculated percentage of change from the previous quarter. Imports diminished by 2.7 per cent from the previous quarter and by 4.5 per cent year-on-year. In the first quarter, the volume of private consumption decreased by 0.5 per cent from the previous quarter but increased by 1.1 per cent from twelve months back. Investments diminished by 0.9 per cent from the previous quarter and by 5.6 per cent year-on-year.

Revisions have been made to the compilation methods of quarterly national accounts in connection with this release. All time series have been recompiled starting from the first quarter of 1990. The new methods are elaborated on in a separate methodological release: http://tilastokeskus.fi/til/ntp/men_en.html

Information on seasonal adjustment method: http://www.tilastokeskus.fi/til/tramo_seats_en.html

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 respective quarter twelve months back 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 2010, 1st quarter. Statistics Finland

Inquiries: Pasi Koikkalainen (09) 1734 3332, Samu Hakala (09) 1734 3756, kansantalous.suhdanteet@stat.fi

Director in charge: Ari Tyrkkö

Publication in pdf-format (253.5 kB)

Reviews

• 1. Finlands economy showed no growth in the first quarter, weak demand for exports continued (9.6.2010)

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Appendix tables

• 1. Revision of volume changes in GDP (9.6.2010)

Methodological descriptions

• Changes in the compilation methods of quarterly national accounts (9.6.2010)

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Updated 9.6.2010