Home > Statistics > Quarterly national accounts > 2011 > 3rd quarter > Gross domestic product grew by 0.9 per cent from the previous quarter and by 2.7 per cent year-on-year

Published: 5 December 2011

Gross domestic product grew by 0.9 per cent from the previous quarter and by 2.7 per cent year-on-year

According to preliminary data of Statistics Finland, in the July to September period of 2011 the volume of Finland’s gross domestic product increased by 0.9 per cent from the previous quarter. Compared to the third quarter of 2010, working-day adjusted GDP grew by 2.7 per cent. The third quarter of 2011 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 second quarter of 2011 at +0.1 per cent from the previous quarter (was +0.6%) and at +1.9 per cent from twelve months back (was +2.9%). The downwards revision of GDP in the second quarter was mainly due to the revisions in the value added of the electrical and electronics industry. Corrections had to be exceptionally made in the electrical and electronics industry (26-27) to the erroneous basic data originally supplied to Statistics Finland concerning the second quarter. These corrections also had an effect on the upwards revision of exports of services in the second quarter. 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.

In the third quarter, the volume of exports grew by 2.4 per cent from the previous quarter but contracted by 2.7 per cent from twelve months back. Imports decreased by 1.7 per cent from the previous quarter and by 7.1 per cent year-on-year.

In the third quarter, the volume of private consumption grew by 0.5 per cent from the previous quarter and by 3.2 per cent from twelve months back. Investments went up by 1.6 per cent from the previous quarter and by 4.2 per cent year-on-year.

The new standard industrial classification TOL2008 was adopted in National Accounts in July 2011. 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.

Source: National Accounts 2011, 3rd 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. Private services increased gross domestic product in the third quarter, production in the electrical and electronics industry fallen (5.12.2011)

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Appendix tables

• Appendix table 1. Revision of volume changes in GDP (5.12.2011)
• Appendix table 2. Revision of volume changes in export (5.12.2011)
• Appendix table 3. Revision of volume changes in import (5.12.2011)

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Updated 5.12.2011