Home > Statistics > Quarterly national accounts > 2011 > 4th quarter > Gross domestic product grew by 0.1 per cent from the previous quarter and by 1.4 per cent year-on-year

Published: 2 March 2012

Gross domestic product grew by 0.1 per cent from the previous quarter and by 1.4 per cent year-on-year

According to Statistics Finland's preliminary data, in the October to December period of 2011 the volume of Finland’s gross domestic product increased by 0.1 per cent from the previous quarter. Compared to the fourth quarter of 2010, working-day adjusted GDP grew by 1.4 per cent. The fourth quarter had one less working day than one year previously. The volume of GDP grew by 2.9 per cent in 2011.

Gross domestic product by quarter at reference year 2000 prices

Revisions put the change in the volume of GDP in the third quarter of 2011 at +1.1 per cent from the previous quarter (was +0.9%) and at +3.3 per cent from twelve months back (was +2.7%). The upwards revision of GDP in the third quarter was mainly due to the revisions in the value added of the electrical and electronics industry. It was necessary to make corrections to the erroneous basic data originally supplied to Statistics Finland concerning the third quarter in the activity of the electrical and electronics industry (26-27).

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 fourth quarter, the volume of exports fell by 0.7 per cent from the previous quarter and by 7.1 per cent year-on-year. The fall in exports from one year before was mostly caused by the delivery of a cruise liner in October 2010. Imports increased by 3.8 per cent from the previous quarter but decreased by 1.9 per cent year-on-year.

In the fourth quarter, the volume of private consumption grew by 0.1 per cent from the previous quarter and by 2.2 per cent from twelve months back. Investments went up by 0.4 per cent from the previous quarter and by 2.9 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.

Source: National Accounts 2011, 4th 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. Gross domestic product grew by 2.9 per cent in 2011 (2.3.2012)

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Appendix tables

• Appendix table 1. Revision of volume changes in GDP (2.3.2012)
• Appendix table 2. Revision of volume changes in export (2.3.2012)
• Appendix table 3. Revision of volume changes in import (2.3.2012)

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Updated 2.3.2012