Development by industry

Updated: 28 May 2021
Next update: 31 Aug 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.

   

The volume of total value added generated by all industries grew by 0.2 per cent from the previous quarter but decreased by 0.8 per cent from twelve months back.

In primary production, that is, agriculture, forestry and fishing, the volume of value added grew in January to March compared with both the previous quarter and the year before.

Output in manufacturing industries (incl. mining and quarrying, energy, water supply and waste management) grew in January to March from the previous quarter but was slightly lower than one year ago. The forest and metal industries grew from the previous quarter, but the chemical, electrical and electronics industries contracted. The decline in construction continued through January to March.

In service industries value added grew slightly in the first quarter of 2021 from the previous quarter but remained lower than one year ago. The coronavirus crisis started during the first quarter of 2020 and has had particularly strong impact on the industries of transport, accommodation and food service activities. In many other service industries, too, value added remained lower than one year ago. The trade industry grew, while in January to March especially motor vehicle trade increased clearly, and information and communication activities have also fared well throughout the coronavirus crisis.