Gross domestic product decreased by 0.1 per cent from the previous quarter

According to Statistics Finland's preliminary data, the volume ¹⁾ of Finland’s gross domestic product decreased in January to March by 0.1 per cent from the previous quarter. Compared with the first quarter of 2020, GDP adjusted for working days decreased by 1.0 per cent.

Gross domestic product by quarter, volume series, reference year 2015 (EUR bn)

Also according to revised data, GDP grew in October to December by 0.4 per cent from the previous quarter but decreased by 1.1 per cent from twelve months back (was -1.4%).

In the first quarter of 2021, the volume of exports contracted by 5.0 per cent from the previous quarter and by 5.4 per cent year-on-year. Imports increased by 1.4 per cent from the previous quarter but decreased by 7.0 per cent year-on-year.

In the first quarter, the volume of private consumption decreased by 0.7 per cent from the previous quarter and by 4.1 per cent from twelve months back. Gross fixed capital formation, or investments, grew by 1.4 per cent from the previous quarter but decreased by 2.1 per cent year-on-year.

Statistics Finland has also published a review on the effects of the corona crisis combining several statistics (in Finnish only): http://www.stat.fi/ajk/koronavirus/koronavirus-ajankohtaista-tilastotietoa/miten-vaikutukset-nakyvat-tilastoissa/talouden-tilannekuva

1) Volume refers to data from which the effects of price changes have been eliminated. Volumes (reference year 2015) are expressed relative to the 2015 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 2021, 1st quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Antti Kosunen 029 551 3613, kansantalous.suhdanteet@stat.fi

Head of Department in charge: Katri Kaaja

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Reviews

Gross domestic product decreased in January to March, Finlands national economy suffered from weak demand (28.5.2021)

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Revisions in these statistics

Revisions on these statistics (28.5.2021)

Updated 28.5.2021

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 1st quarter 2021. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/ntp/2021/01/ntp_2021_01_2021-05-28_tie_001_en.html