Development by industry

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.

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 0.3 per cent from the previous quarter. In the whole of 2020, value added was 2.9 per cent lower than in the year before.

Among manufacturing industries, only the electronic and electrical industry grew in 2020. Service industries also developed weakly, and for transportation and storage and accommodation and food service activities the coronavirus year was catastrophic.

The volume of value added in primary production, that is, agriculture, forestry and fishery, declined by four per cent in October to December from one year ago. In the whole of 2020, primary production decreased by three per cent.

Value added in manufacturing (industries B to E) decreased by two per cent in 2020 and in the last quarter by one per cent compared to the previous year. In 2020, the volume of the metal industry diminished by three per cent, the chemical industry by one per cent and the forest industry by as much as 10 per cent. The electronic and electrical industry increased by seven per cent.

The volume of value added in construction fell in October to December by one per cent from the year before, as in the whole of 2020. In building construction, the trend has been falling already since 2018, but civil engineering grew in 2020.

From October to December, the volume of value added in service industries decreased by two per cent from the quarter of the previous year. In the whole of 2020, value added in service industries fell by three per cent. The industries that were hit hardest by the coronavirus pandemic were transportation and storage, where value added declined by around one-sixth from the previous year in 2020, and accommodation and food service activities, where nearly one-third of the value added disappeared.