Development by industry 

Updated: 1.12.2017 - Next update: 28.2.2018
   
 
 
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The volume of total value added generated by all industries increased by 0.4 per cent from the previous quarter and by 3.4 per cent from twelve months back.

In primary production, that is, agriculture, forestry and fishing, the volume of value added grew in the third quarter by 0.9 per cent from the previous quarter and by 2.6 per cent from one year previously. The volume of value added in agriculture decreased by 2.9 per cent but that of the forest industry grew by 4.5 per cent from a year ago.

The total value added in manufacturing industries grew by 2.7 per cent in the third quarter year-on-year but decreased by 0.3 per cent from the previous quarter. Output of manufacturing industries decreased by 0.3 per cent from the previous quarter but was 3.2 per cent higher than one year ago. Positive development was seen in particular in the forest industry and the metal industry (excl. electrical and electronics industry) that grew by around six per cent year-on-year in July to September.

The construction industry grew by 0.8 per cent in July to September from the previous quarter and by 4.7 per cent year-on-year.

In service industries, the volume increased by 0.6 per cent from the previous quarter and by 3.2 per cent year-on-year. Compared to one year ago, value added in private services grew by 3.5 per cent and by 2.4 per cent in public services.

The volume of trade increased by 1.4 per cent from the previous quarter and by 4.1 per cent from a year ago. Transport grew by 4.7 per cent, financial and insurance activities by 8.1 per cent and business services by 9.9 per cent year-on-year but in information and communication activities value added declined by 0.4 per cent from one year ago.


Source:
Statistics Finland / Quarterly national accounts


Description of indicator

Quarterly national accounts describe Finland’s economy systematically and according to the same concepts and definitions as annual national accounts, but at a more aggregated level. The produced data show how Finland’s GDP has developed by quarter, which activities have grown and by how much, whether output has grown because of exports or investments, how the consumption of households has changed from the previous quarter, and how much wages and salaries have risen from the previous year.

Value added (gross) refers to the value generated by any unit engaged in a production activity. In market production it is calculated by deducting from the unit's output the intermediates (goods and services) used in the production process and in non-market production by adding up compensation of employees, consumption of fixed capital and possible taxes on production and imports.

The examination of industry-specific development can assist in the comprehensive analysis of industrial economic development prospects and growth forecasts. Industry-specific indicators also provide important information about jobs and employment growth, the vitality of the structure of business and industry as well as regional differences in business activity and jobs. The information provided by industry-specific indicators can be utilised both in labour and business policy planning and in the targeting of education and research.

The public administration’s goal is to maintain a high employment rate as well as high employment across different sectors. Large regional differences in different industries and jobs as well as the structural challenges of the labour market will require in future measures that promote flexibility in work, the more effective coordination of work and education, and sustainably directed investments in new, developing industries.