Published: 8 September 2005
In the second quarter of 2005, the volume of Finland's gross domestic product reduced by 1.6 per cent from the previous quarter. Compared with the second quarter of 2004, GDP was up by 0.2 per cent. There were two working days more than one year previously. Adjusted seasonally as well as for working days, the change in GDP from twelve months before was -0.3 per cent. Growth of the economy was weakened by the industrial action in the paper industry. This appears from the preliminary National Accounts data compiled by Statistics Finland.
The demand of the national economy was sustained by household consumption and exports. In the April to June period households' consumption expenditure increased by nearly 4 per cent from one year previously. Purchases of domestic appliances and furniture continued plentiful and acquisitions of cars turned to growth. Fixed investments fell by 2 per cent. Investments in machinery and equipment contracted by 8 per cent. Compared with one year before, imports increased by 6 per cent and the volume of exports grew by nearly 8 per cent.
GDP by quarter at 2000 prices
Source: National Accounts 2005, 2nd Quarter. Statistics Finland
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Last updated 8.9.2005