Home > Statistics > Quarterly national accounts > 2010 > 2nd quarter > Gross domestic product grew by 1.9 per cent from the previous quarter and by 3.7 per cent year-on-year

Published: 8 September 2010

Gross domestic product grew by 1.9 per cent from the previous quarter and by 3.7 per cent year-on-year

According to preliminary data of Statistics Finland, in the April to June period of 2010 the volume of Finland’s gross domestic product increased by 1.9 per cent from the previous quarter. Adjusted for working days, gross domestic product was 3.7 per cent up on the second quarter of 2009. The second quarter of 2010 had one more working day than one year previously.

Gross domestic product by quarter at reference year 2000 prices

Revisions put the change in the volume of GDP in the first quarter of 2010 at 0.1 per cent from the previous quarter (previously -0.4%) and at 0.0 per cent from twelve months back (previously -0.8%). Revisions were particularly caused by changes made to the Tax Administration's seasonal tax data at the beginning of the year, which temporarily weakened the reliability of these source data. 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 increased by 12.6 per cent from the previous quarter and by 6.1 per cent year-on-year. Imports grew by 6.6 per cent from the previous quarter and by 3.7 per cent year-on-year. The labour dispute in stevedoring in March further increased the change percentages of exports and imports calculated from the previous quarter.

In the second quarter, the volume of private consumption grew by 0.8 per cent from the previous quarter and by 2.6 per cent from twelve months back. Investments increased by 2.5 per cent from the previous quarter and by 0.6 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.

In July 2010 Statistics Finland started to produce three new indicators derived from the quarterly sector accounts of national accounts: households' saving rate, non-financial corporations' investment rate and non-financial corporations' profit share. These time series can be seen on Eurostat's page: http://epp.eurostat.ec.europa.eu/portal/page/portal/sector_accounts/data/quarterly_data

Source: National Accounts 2010, 2nd quarter. Statistics Finland

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

Director in charge: Ari Tyrkkö

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Reviews

• 1. Exports and investments in residential building pulled Finland's economy to growth in the second quarter (8.9.2010)

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• Appendix table 1. Revision of volume changes in GDP (8.9.2010)

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Updated 8.9.2010