Home > Statistics > Quarterly national accounts > 2011 > 2nd quarter > Gross domestic product grew by 0.6 per cent from the previous quarter and by 2.9 per cent year-on-year

Published: 5 September 2011

Gross domestic product grew by 0.6 per cent from the previous quarter and by 2.9 per cent year-on-year

Corrected on 5 September 2011 at 10.30. The correction is indicated in red. Was previously second.

According to preliminary data of Statistics Finland, in the April to June period of 2011 the volume of Finland’s gross domestic product increased by 0.6 per cent from the previous quarter. Compared to the second quarter of 2010, working-day adjusted GDP grew by 2.9 per cent. The second quarter had the same number of working days as twelve months before.

Gross domestic product by quarter at reference year 2000 prices

Revisions put the change in the volume of GDP in the first quarter of 2011 at +0.3 per cent from the previous quarter (was +0.8 %) and at +4.8 per cent from twelve months back (was +5.5 %). 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 7.1 per cent from the previous quarter and by 6.8 per cent year-on-year. Imports remained on level with the previous quarter but grew by 1.1 per cent year-on-year.

In the second quarter, the volume of private consumption grew by 1.4 per cent from the previous quarter and by 4.6 per cent from twelve months back. Investments went up by 2.1 per cent from the previous quarter and by 7.4 per cent year-on-year.

The new standard industrial classification TOL2008 was adopted in National Accounts in July 2011. The data for quarterly national accounts are now released for the first time with the TOL2008 classification. As a rule, Eurostat's A11 industrial breakdown (11 industries) is used in quarterly national accounts publications. Data on value added are published in quarterly national accounts with a more detailed division of 22 industries (including the A11 industries).

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, 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. Economic growth sustained by private consumption and investments in the second quarter, development of exports weak (5.9.2011)

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Appendix tables

• Appendix table 1. Revision of volume changes in GDP (5.9.2011)
• Appendix table 2. Revision of volume changes in export (5.9.2011)
• Appendix table 3. Revision of volume changes in import (5.9.2011)

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Updated 5.9.2011