Home > Statistics > Annual national accounts > 2019 > Gross domestic product grew by 1.1 per cent in 2019

Published: 18 December 2020

Gross domestic product grew by 1.1 per cent in 2019

According to Statistics Finland’s preliminary data, the volume of Finland’s GDP grew by 1.1 per cent in 2019 from the year before. A more extensive update to the 2019 data will be made on 26 February, when the final enterprise data will be included. The data for 2019 became revised in December mainly as concerns general government finances, financing and insurance. The volume of GDP in 2018 became revised to 1.3 per cent as a result of revised price structure (previously 1.5 per cent). The data released for 2017 are now final as the supply and use tables have been completed.

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

The data for 2019 are still preliminary concerning enterprise data, for example. These data will be revised in the early part of next year, when the final annual data for enterprises will be available. For 2019, the publication accuracy of StatFin database tables is still less detailed than the final one, because the preliminary nature of the data becomes emphasised when reaching a more detailed level.

In connection with the December release, we have also updated the database tables of quarterly national accounts in accordance with the European revision policy. According to Statistics Finland's preliminary data, the volume of Finland’s gross domestic product grew in July to September by 3.2 per cent from the previous quarter (previously 3.3 per cent).

Net borrowing of local government grew in 2019

Local government’s net borrowing, or deficit, grew clearly to EUR 3.0 billion in 2019 (EUR 2.0 billion in 2018). The growth in local government deficit in 2019 was caused by an increase in government consumption expenditure and investments.

The data on general government for the statistical reference year 2019 became revised especially as regards local government as a result of the final annual data of the statistics on local government finances. From summer, local government's net borrowing became revised upwards to EUR 3.0 billion (in summer EUR 2.8 billion) because income became revised downwards more than expenditure.

Local government output and intermediate consumption both became revised downwards, though intermediate consumption slightly more. As a result, the growth in value added at current prices became revised from 2.8 to 3.2 per cent.

Value added in financial and insurance corporations fell in 2019

In 2019, the current priced value added of the financial and insurance corporations sector decreased by six per cent. In the industry of financing, the fall in value added was partly due to international enterprise reorganisations.

In connection with the December release, output in the insurance sector became revised slightly more downwards than intermediate consumption and value added decreased. The intermediate consumption of financial corporations became slightly revised downwards, increasing the value added of financial corporations.

The data for 2019 will be released in February with detailed industry classification accuracy, when we obtain revised annual data from enterprises as sources.

Revised annual data on national accounts for the statistical reference year 2019 will be released on 26 February 2021. Before the February release, indicator-based data that more reliably describe output than intermediate consumption are used for one-third of enterprise data for 2019.

Two-thirds of enterprises’ value added has been calculated using preliminary data on enterprises’ annual data. There is now more uncertainty than usual in these data. The coverage of the annual preliminary data was not normal as some enterprises had obtained more time to deliver the data on account of the corona crisis. This uncertainty particularly concerns the cost structure of enterprises.

The data used for calculating investments will also become revised in February. Industry-specific data based on supplemented enterprise data for 2019 will be released on 26 February 2021.

At the same time, quarterly national accounts will be benchmarked to the new annual data for 2019.

European revision policy

Starting from 2019, the preliminary annual release dates of national accounts have been scheduled for March, June, September and December in accordance with the recommendations of the harmonised European revision policy. Preliminary annual data are thus updated in every quarter and they are coherent with the quarterly national accounts and balance of payments data, at a lag of around 80 days from the quarter. Quarterly national accounts (QNA) are first published at a lag of 60 days and benchmarked to other data at a lag of 80 days.

Source: National Accounts 2019, fourth preliminary data. Statistics Finland

Inquiries: Vuositilinpito Tapio Kuusisto 029 551 3318, Neljännesvuositilinpito Samu Hakala 029 551 3756, kansantalous@stat.fi

Head of Department in charge: Mari Ylä-Jarkko

Publication in pdf-format (242.4 kB)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

Appendix tables

• Appendix table 1. Gross domestic product (GDP) 1975-2019* (18.12.2020)
• Appendix table 2. Revision of annual volume change, % (18.12.2020)

---

Updated 18.12.2020