Development by industry

Updated: 30 Nov 2021
Next update: 17 Dec 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 0.8 per cent from the previous quarter and by 4.4 per cent year-on-year.

Figure 2. Year-on-year changes in the volume of value added generated by industries in the third quarter of 2021, working day adjusted, per cent

Figure 2. Year-on-year changes in the volume of value added generated by industries in the third quarter of 2021, working day adjusted, per cent

Figure 3. Changes in the volume of value added generated by industries in the third quarter of 2021 compared to the previous quarter, seasonally adjusted, per cent

Figure 3. Changes in the volume of value added generated by industries in the third quarter of 2021 compared to the previous quarter, seasonally adjusted, per cent
In primary production, that is, agriculture, forestry and fishing, the volume of value added grew in July to September compared with both the previous quarter and the year before. Agriculture and hunting declined but strong growth in forestry pushed total primary production up by five per cent from the previous quarter.

The volume of value added in manufacturing industries (incl. mining and quarrying and energy supply, water supply and waste management) grew in July to September. In the third quarter of 2021, prices of several industrial products rose clearly, which is visible in that value added at current prices grew considerably more than volume change. The forest and metal industries grew. The chemical industries made an upturn from the previous quarter but were lower than one year ago. The electrical and electronics industry contracted both from the previous quarter and from one year back. Construction continued to grow in July to September.

Service industries grew in the third quarter of 2021. Trade industries turned to a decline compared with the previous quarter. The industries of information and communication have fared relatively well in the corona crisis and they continued to grow in the third quarter. The industries of transport and accommodation and food service activities that suffered significantly from the corona crisis grew compared with the previous quarter, but their situation is still weak compared with the period prior to the corona pandemic.