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Published: 5 December 2014

Gross domestic product up by 0.2 per cent

According to Statistics Finland's preliminary data, the volume of Finland’s gross domestic product increased in July to September by 0.2 per cent from the previous quarter. Compared with the third quarter of 2013, GDP adjusted for working days grew by 0.1 per cent. There was the same number of working days in the third quarter as one year ago.

Gross domestic product by quarter at reference year 2010 prices (EUR billion)

Revisions put the change in the volume of GDP in the second quarter of 2014 at 0.4 per cent from the previous quarter (was 0.2 %) and at 0.1 per cent from twelve months back (was -0.1%).

In the third quarter, the volume of exports decreased by 0.1 per cent from the previous quarter but increased by 1.1 per cent year-on-year. Imports decreased by 1.1 per cent from the previous quarter and by 2.9 per cent year-on-year.

In the third quarter, the volume of private consumption grew by 0.7 per cent from the previous quarter and was at the same level as twelve months back. Gross fixed capital formation, or investments, fell by one per cent from the previous quarter and by 3.9 per cent year-on-year.

In this release the indicator for the value added in agriculture was revised. Now the value added in agriculture is divided more evenly within the year because the recording of crop production is based on the costs involved in the production process. Thus the value of the grain crop is not merely focused at the harvesting in the third quarter, but it is allocated according the costs of grain production accumulated in each quarter. The change is also visible in the time series of the value added in primary production, the value added in the entire economy and GDP. The change of the indicator only specifies seasonal variation within the year, value added at annual level does not change.

Source: National Accounts 2014, 3rd quarter. Statistics Finland

Inquiries: Pasi Koikkalainen 029 551 3332, Veli-Pekka Karvinen 029 551 2667, kansantalous.suhdanteet@stat.fi

Director in charge: Leena Storgårds

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Reviews

• 1. Gross domestic product at previous years levels, gross fixed capital formation decreasing (5.12.2014)

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Updated 5.12.2014