Economic growth (GDP)
|Updated: 28.2.2018 - Next update: 31.5.2018|
GDP grew also in the last quarter of 2017
According to Statistics Finland's preliminary data, the volume 1) of Finlands gross domestic product increased in October to December by 0.7 per cent from the previous quarter. Compared with the fourth quarter of 2016, GDP adjusted for working days grew by 2.7 per cent.
Gross domestic product by quarter at reference year 2010 prices (EUR billion)
The volume of exports grew by 7.6 per cent and that of imports by 0.7 per cent in October to December year-on-year. Gross fixed capital formation, or investments, grew by 3.2 per cent from one year ago.
The volume of private consumption increased by 0.7 per cent and the volume of public consumption expenditure declined by 0.7 per cent from the previous quarter. Compared with one year ago, private consumption increased by 2.1 per cent and public consumption declined by 0.3 per cent.Statistical release
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.
GDP, gross domestic product at market prices is the final result of the production activity of resident producer units.
Economic growth has a crucial impact on the overall picture of the development of society. Economic growth must be continuous and must create jobs to ensure that funding of the Finland’s welfare society and extensive social sector is balanced in relation to public sector revenue. In addition to a job-creating economic policy, technological development is also needed to support sustainable economic growth. Technology creates opportunities for maintaining growth and at the same time curbing the use of natural resources. An ageing population and a declining labour force are major factors threatening to reduce the total work input of the economy and to slow the productivity growth rate.