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Published: 31 January 2014

Gross domestic product fell by one per cent in 2012

According to Statistics Finland’s revised preliminary data, the volume of Finland’s gross domestic product fell by 1.0 per cent in 2012, while previously the decrease was estimated to be 0.8 per cent. The growth in the gross domestic product in 2011 was revised upwards, from 2.7 per cent to 2.8 per cent.

Households’ real income diminished by 0.2 per cent in 2012. Households' adjusted real income describing their economic well-being declined by 0.1 per cent. Besides net income, it also takes into consideration welfare services, such as educational, health and social services that general government and organisations produce for households. Households' saving rate declined to 0.8 per cent but remained positive, which means that households spent less than they earned.

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

The gross domestic product was revised downwards in 2012 because new data on wood sales and the finances and activities of municipalities were received. National income, in turn, was revised upwards because more income was received from foreign investments than previously estimated.

Production was reduced by a decrease in exports and investments. The volume of exports shrunk by 0.2 per cent and that of imports by 0.7 per cent. The volume of investments decreased by 0.8 per cent. Only consumption expenditure grew slightly, the volume of private consumption expenditure by 0.3 per cent and that of public consumption expenditure by 0.5 per cent.

Preliminary data for the year 2013 will be released on 3 March 2014. The new system of national accounts, ESA 2010, will be adopted in Finland on 11 July 2014, when new retrospective time series will also be published.

National Accounts 2003-2012, Tables, PDF

Source: National Accounts, Statistics Finland

Inquiries: Olli Savela 09 1734 3316, Tuomas Rothovius 09 1734 3360, Marjukka Monto 09 1734 3364, kansantalous@stat.fi

Director in charge: Leena Storgårds

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Appendix tables

• Appendix table 1. Gross domestic product (GDP) at market prices 1975-2012* (31.1.2014)

Revisions in these statistics

• Revisions on these statistics (31.1.2014)

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Updated 31.1.2014