Development by industry

Updated: 30 Nov 2018
Next update: 28 Feb 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.

   

The volume of total value added generated by all industries increased by 0.5 per cent from the previous quarter and by 2.5 per cent from twelve months back.

In primary production, that is, agriculture, forestry and fishing, the volume of value added grew in July to September by three per cent year-on-year but contracted by two per cent from the previous quarter. The volume of value added in agriculture declined by four per cent but forestry grew by six per cent from last year.

Output in manufacturing industries (incl. mining and quarrying, energy, water supply and waste management) grew by four per cent in July to September from one year ago and by two per cent from the previous quarter. Output in the manufacture of wood and paper products contracted by three per cent from its level one year ago. In the manufacture of chemicals and chemical products, output increased by four per cent and the volume of output in the manufacture of metal products and machinery (excl. electrical and electronics industry) grew by one per cent from twelve months earlier. The electrical and electronics industry grew in the third quarter by as much as 16 per cent from twelve months back. Adjusted for working days, output in manufacturing was in total three per cent higher than one year before.

The construction industry grew by two per cent in the July to September period from the previous year. The growth in building construction still appears to continue, but the development of civil engineering is already more subdued.

The volume of service industries grew by half a per cent from the previous quarter’s level, up by two per cent from the previous year. Compared to the third quarter of 2017, the value added of general government services grew by one per cent and that of private services by three per cent.

The volume of trade was in July to September one per cent higher than one year earlier. The strongly grown industry of motor vehicle trade still increased in the third quarter from the year before, but decreased from the previous quarter. The value added in financial intermediation and insurance activities decreased slightly from July to September 2017. Other service industries grew from one year back, but value added in accommodation and food services activities declined from the previous quarter.