Economic growth (GDP)

Updated: 26 Feb 2021
Next update: 28 May 2021

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.

   

Gross domestic product grew in the last quarter of 2020

According to Statistics Finland's preliminary data, the volume 1) of Finlands gross domestic product increased in October to December by 0.4 per cent from the previous quarter. Compared with the last quarter of 2019, GDP adjusted for working days decreased by 1.4 per cent.

The volume of exports grew by 8.8 per cent in October to December but the volume of imports decreased by 1.4 per cent from the level in July to September. Gross fixed capital formation, or investments, fell by 1.9 per cent and private consumption by 1.5 per cent from the previous quarter. Government consumption expenditure increased by 2.8 per cent.

Source: National Accounts 2020, 4th quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Antti Kosunen 029 551 3613, kansantalous.suhdanteet@stat.fi

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