Gross domestic product contracted by 0.1 per cent from the previous quarter and by 2.1 per cent year-on-year

Corrected on 5 June 2013. The corrections are indicated in red.

According to Statistics Finland's preliminary data, the volume of Finland’s gross domestic product decreased by 0.1 per cent from the previous quarter in the January to March period of 2013. The recession of Finland’s economy therefore continued in the first quarter. Compared to the first quarter of 2012, working-day adjusted GDP contracted by 2.1 per cent. There were two working days less in the first quarter than one year previously.

Gross domestic product by quarter at reference year 2000 prices (EUR billion)

Revisions put the change in the volume of GDP in the fourth quarter of 2012 at -0.7 per cent from the previous quarter (was -0.5%) and at -1.7 per cent from twelve months back (was -1.5%).

In the first quarter, the volume of exports grew by 0.9 per cent from the previous quarter but contracted by four per cent from twelve months back. Imports decreased by three per cent from the previous quarter and by 7.9 per cent year-on-year.

In the first quarter, the volume of private consumption grew by 0.3 per cent from the previous quarter but decreased by 0.5 per cent from twelve months back. Gross fixed capital formation grew by 0.6 per cent from the previous quarter , but decreased by 5.5 per cent year-on-year.

Volume refers to data from which the effects of price changes have been eliminated. 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 2013, 1st 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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Reviews

1. Finland's economy still in recession, output in manufacturing fell considerably in the first quarter (5.6.2013)

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Updated 5.6.2013

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 1st quarter 2013. Helsinki: Statistics Finland [referred: 8.10.2013].
Access method: http://www.stat.fi/til/ntp/2013/01/ntp_2013_01_2013-06-05_tie_001_en.html.

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