Development by industry

Updated: 28 Feb 2019
Next update: 29 May 2019

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.

   

In the fourth quarter, the combined volume of value added generated by industries grew by 0.5 per cent from the previous quarter. In the whole of 2018, value added was 2.0 per cent higher than in the year before.

The growth in value added was influenced by favourable development in manufacturing, construction and private services. Examined in current prices, especially building construction, trade and several manufacturing industries grew.

The volume of value added in primary production, that is, agriculture, forestry and fishery, went up by five per cent in October to December from one year ago. Primary production grew by four per cent over the whole of 2018. Output in agriculture decreased by three per cent measured by volume but examined in current prices, grew by two per cent as a result of the rise in prices. The volume of output in the forest industry increased by six per cent. The price of wood also rose, as a result of which the forest industry grew by 11 per cent in current prices.

In the last quarter of the year, value added in manufacturing (industries B to E) went up by one per cent compared with the year before. The volume of output grew in most manufacturing industries in 2018: the metal industry grew by three per cent, the electrical and electronics industry by seven per cent and energy and water supply by four per cent. Examined in volume of output, the forest industry contracted by two per cent and the chemical industry grew by just one per cent, but both went up by six per cent in current prices. In total, the volume of manufacturing industries went up by 2.5 per cent last year.

The volume of value added in construction grew in October to December by three per cent from the year before, as in the whole of 2018. Building construction increased clearly, but growth in civil engineering was more subdued.

From October to December, the volume of value added in service industries increased by two per cent from the quarter of one year ago. Over the whole year 2018, service industries grew by 1.6 per cent. Private services grew by two per cent and general government services by half a per cent. Growth was most significant in the industries of trade, information and communication, business services and public administration and health care services.