Published: 14 July 2011
According to Statistics Finland’s revised preliminary data, Finland’s gross domestic product grew by 3.6 per cent last year. According to the initial preliminary data released in March, the growth amounted to 3.1 per cent. The rate of growth became revised upwards as new data became available, mainly on intermediate consumption in manufacturing. Gross domestic product, or the value added created in the production of goods and services amounted to EUR 180 billion.
Annual change in the volume of gross domestic product, per cent
After the record plunge in the year before, the volume of value added went up in most economic activities in 2010. Output was still around five per cent lower than in 2008.
Output was increased by growth in all demand items. Especially exports increased after the previous year's slump in exports. The volume of exports grew by 8.6 per cent and that of imports by 7.4 per cent. The volume of private consumption expenditure grew by 2.7 per cent and that of public consumption expenditure by 0.6 per cent. Investments grew by 2.8 per cent.
Households' adjusted disposable income describing their economic well-being grew by 1.9 per cent in real terms last year. In addition to net income, adjusted income also takes into consideration the individual services which the public sector and organisations produce for households, such as educational, health and social services.
After a year of economic downturn, entrepreneurial income describing non-financial corporations' profits grew by 21 per cent. Non-financial corporations' financial position showed a surplus of EUR 10 billion. By contrast, the financial position of general government was in deficit for the second successive year, by EUR 5 billion.
The revised standard industrial classification TOL 2008 has now been adopted in National Accounts. In the same context, revisions have been made to the time series starting from 1975 (See: Revisions in these statistics).
Source: National Accounts, Statistics Finland
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