Published: 1 March 2013
Gross domestic product contracted by 0.5 per cent from the previous quarter and by 1.5 per cent year-on-year
According to Statistics Finland's preliminary data, in the October to December period of 2012, the volume of Finland’s gross domestic product decreased by 0.5 per cent from the previous quarter. Compared to the fourth quarter of 2011, working-day adjusted GDP contracted by 1.5 per cent. The fourth quarter had one less working day than one year previously. The volume of GDP fell by 0.2 per cent over 2012.
Gross domestic product by quarter at reference year 2000 prices
Revisions put the change in the volume of GDP in the third quarter of 2012 at +0.1 per cent from the previous quarter (was -0.1%) and at -0.7 per cent from twelve months back (was -1.2%). The upwards revision of GDP in the third quarter was mainly due to revisions of taxes on products.
In the fourth quarter, the volume of exports fell by 4.4 per cent from the previous quarter and by 2.9 per cent year-on-year. Imports increased by 1.5 per cent from the previous quarter but decreased by 6.5 per cent year-on-year.
In the fourth quarter, the volume of private consumption grew by 0.9 per cent from the previous quarter and by 1.5 per cent from twelve months back. Investments diminished by 2.5 per cent from the previous quarter and by 8.1 per cent year-on-year.
The prices of value added in financial intermediation services have been revised in connection with this release, for which reason the volume data on value added in financial intermediation services have changed slightly from 2006 onwards.
Volume refers to data adjusted for price changes. Volumes at reference year 2000 prices are expressed relative to the 2000 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.
Source: National Accounts 2012, 4th quarter. Statistics Finland
Inquiries: Pasi Koikkalainen 09 1734 3332, Samu Hakala 09 1734 3756, kansantalous.suhdanteet@stat.fi
Director in charge: Leena Storgårds
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Updated 1.3.2013
Official Statistics of Finland (OSF):
Quarterly national accounts [e-publication].
ISSN=1797-9765. 4th quarter 2012. Helsinki: Statistics Finland [referred: 9.5.2013].
Access method: http://www.stat.fi/til/ntp/2012/04/ntp_2012_04_2013-03-01_tie_001_en.html.
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