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Published: 1 March 2010

Gross domestic product contracted by 7.8 per cent last year

According to Statistics Finland’s preliminary data, the volume of Finland’s GDP contracted by 7.8 per cent in 2009. The fall of output is the largest for an individual year since 1917 and 1918. Last year GDP stood at EUR 171 billion.

Annual change in the volume of gross domestic product, per cent

Demand was most reduced by a 24 per cent contraction in the volume of exports. Investments decreased by over 13 per cent and private consumption by 2.1 per cent. Public consumption grew by 0.7 per cent. Imports declined by 22 per cent and inventories diminished as well.

Because of the recession, non-financial corporations’ operating surplus, or operating profit, decreased by as much as 39 per cent. Non-financial corporations paid 44 per cent less direct taxes and 34 per cent less dividends than in the previous year. Because non-financial corporations also diminished their investments and inventories, their financial position showed a surplus of EUR 4.8 billion. In contrast, the financial position of general government showed a deficit, amounting to EUR 4.1 billion last year.

Households’ real income grew by one per cent, on average. Wages and salaries decreased by one per cent, although the income level rose because unemployment grew. Social security benefits increased by 6.6 per cent, but households’ property and entrepreneurial income went down by 3.4 per cent. Despite growth in income, households diminished their consumption, so the savings ratio turned positive and was 2.5 per cent. Households’ financial deficit stood at EUR 1.4 billion.

Source: National Accounts. Preliminary annual data and 4th quarter of 2009. Statistics Finland

Inquiries: Olli Savela (09) 1734 3316, Aila Heinonen (09) 1734 3338, skt.95@stat.fi

Director in charge: Ari Tyrkkö

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• Gross domestic product fell by a record of 7.8 per cent in 2009 (1.3.2010)

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• Gross domestic product (GDP) at market prices 1975-2009* (1.3.2010)

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Updated 1.3.2010