Home > Statistics > Quarterly national accounts > 2011 > 1st quarter > Gross domestic product grew by 0.8 per cent from the previous quarter and by 5.5 per cent year-on-year

Published: 3 June 2011

Gross domestic product grew by 0.8 per cent from the previous quarter and by 5.5 per cent year-on-year

According to preliminary data of Statistics Finland, in the January to March period of 2011 the volume of Finland’s gross domestic product increased by 0.8 per cent from the previous quarter. Compared to the first quarter of 2010, working-day adjusted GDP grew by 5.5 per cent. The first quarter 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 fourth quarter of 2010 at +1.8 per cent from the previous quarter (was +1.7%) and at +5.5 per cent from twelve months back (was +5.2%). 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 4.8 per cent from the previous quarter but grew by 15.9 per cent year-on-year. The comparison is influenced by the labour dispute in stevedoring in last year's March and the cruise ship delivery in October. Imports increased by 2.2 per cent from the previous quarter and by 11.9 per cent year-on-year.

In the first quarter, the volume of private consumption grew by 0.1 per cent from the previous quarter and by 2.3 per cent from twelve months back. Investments went up by 2.6 per cent from the previous quarter and by 9.8 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 viewed on Eurostat's website at: http://epp.eurostat.ec.europa.eu/portal/page/portal/sector_accounts/data/quarterly_data

Source: National Accounts 2011, 1st 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. Investments increased the economy in the first quarter, a good amount of taxes on products accumulated (3.6.2011)

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Appendix tables

• Appendix table 1. Revision of volume changes in GDP (3.6.2011)
• Appendix table 2. Revision of volume changes in export (3.6.2011)
• Appendix table 3. Revision of volume changes in import (3.6.2011)

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Updated 3.6.2011