Development by industry

Updated: 31 May 2018
Next update: 31 Aug 2018

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 1.4 per cent from the previous quarter and by 3.1 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 by two per cent from the previous quarter and remained on level with the first quarter of 2017. The volume of value added in agriculture declined by two per cent but forestry grew by one per cent from last year.

The growth rate accelerated in manufacturing industries in January to March: the value added in all manufacturing grew by four per cent from the previous quarter. Adjusted for working days, output in manufacturing was three per cent higher than one year before. The volume of output in the metal industry (excl. electrical and electronics industry) and the electrical and electronics industry, grew particularly much, being six per cent higher in the first quarter than one year before, as well as energy supply and water and waste management, growing by eight per cent from twelve months back. The development was more subdued in the forest industry, in which output contracted by one per cent from last year, and in the chemical industry, which increased by one per cent from the year before.

The construction industry grew by three per cent in January to March from the previous quarter and by seven per cent from one year ago.

In service industries, the volume increased by one per cent from the previous quarter and by two per cent year-on-year. Compared to one year ago, value added in private services grew by three per cent and in public services by one per cent.

The volume of trade was one per cent up on the previous quarter and five per cent up on twelve months back. Nearly all other service industries also showed clear growth, and only financial and insurance activities contracted from the previous year. In addition, the industry of information and communication activities remained on level with the year before.