Published: 31 January 2018

Gross domestic product grew by 2.1 per cent in 2016

According to Statistics Finland’s revised preliminary data, the volume of Finland’s gross domestic product grew by 2.1 per cent in 2016, while previously the growth was estimated to be 1.9 per cent. The National Accounts for 2015 were also revised: gross domestic product grew by 0.1 per cent, previously it was estimated that the GDP had remained unchanged.

Annual change in the volume of gross domestic product, per cent

Annual change in the volume of gross domestic product, per cent
*Preliminary data

Output was boosted by growth in private consumption and investments. The volume of private consumption went up by 1.8 per cent and that of private investments by 7.8 per cent. The volume of imports increased by 5.4 per cent and that of exports by 2.3 per cent in 2016.

Households’ disposable real income grew by 1.1 per cent in 2016. Households' adjusted real income describing their economic well-being increased also by 1.1 per cent. Besides net income, it also includes welfare services, such as educational, health and social services that general government and organisations produce for households.

Households' consumption expenditure grew by 2.8 per cent in nominal terms in 2016 and by 1.8 per cent in volume. In 2016, households' saving rate was -0.7 per cent, i.e. households spent more than they earned. Households' rate of indebtedness was 126.4 per cent in 2016.

The share of compensation of employees in national income was 58.9 per cent in 2016 and the share of property and entrepreneurial income was 25.1 per cent.

The biggest revisions in the national accounts were made in transactions between Finland and foreign countries. In particular, data on the export and import of services became revised. Both property income received from and paid to the rest of the world grew significantly. Current account weakened and showed a deficit of EUR 3.3 billion.

The general government deficit was 1.8 per cent relative to gross domestic product in 2016.

The recording of factoryless goods production was changed in the National Accounts one year ago. From the statistical reference year 2014 onwards, the margin of factoryless goods production or net sales from abroad to abroad is recorded in goods exports instead of service exports (see Section: Changes in these statistics).

Preliminary data for the year 2017 will be released in two parts. Preliminary data concerning gross domestic product, production by industries and the supply and demand of the national economy will be released on 28 February 2018 as part of the quarterly accounts of the fourth quarter of 2017. Preliminary data concerning sector accounts will be released on 16 March 2018. At this time, preliminary data released on 28 February 2018 may become slightly revised.


Source: National Accounts, Statistics Finland

Inquiries: Tuomas Rothovius 029 551 3360, Pekka Tamminen 029 551 2460, kansantalous@stat.fi

Director in charge: Ville Vertanen

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Tables

Tables in databases

Appendix tables

Revisions in these statistics

Updated 31.1.2018

Referencing instructions:

Official Statistics of Finland (OSF): Annual national accounts [e-publication].
ISSN=1798-0623. 2016. Helsinki: Statistics Finland [referred: 21.11.2018].
Access method: http://www.stat.fi/til/vtp/2016/vtp_2016_2018-01-31_tie_001_en.html