Development by industry

Updated: 31 Aug 2018
Next update: 30 Nov 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 0.3 per cent from the previous quarter and by 2.3 per cent from twelve months back.

In primary production, that is, agriculture, forestry and fishing, the volume of value added grew in April to June by three per cent from the previous quarter and by seven per cent from the second quarter of 2017. The volume of value added in agriculture declined by one per cent but forestry grew by 11 per cent from last year.

Manufacturing industries continued growing in April to June compared with the year before, but the growth rate remained at around three per cent. From the previous quarter, value added in all manufacturing turned one per cent negative. Adjusted for working days, output in manufacturing was two per cent higher than one year before. The volume of output in the metal industry (excl. electrical and electronics industry) went up by three per cent year-on-year. The electrical and electronics industry grew particularly much, being six per cent higher in the second quarter than one year before, as well as energy supply, and water and waste management, which grew by ten 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, where output fell by three per cent from the year before.

The construction industry grew by one per cent in April to June from the previous quarter and by five per cent year-on-year.

The volume of service industries was on level with the previous quarter but increased by two per cent from twelve months back. Compared to one year ago, value added in private services grew by one per cent and in public services by three per cent.

The volume of trade was on level with the previous quarter but three per cent higher than one year previously. Nearly all other service industries showed clear growth in April to June, 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.