Gross domestic product grew in the third quarter

In the third quarter of 2002, the volume of Finland's gross domestic product grew by 0.5 per cent from the second quarter. Compared to the third quarter of 2001, GDP was up by 2.3 per cent, and in the January to September period GDP increased altogether by 1.3 per cent from the year before. This appears from the preliminary National Accounts data compiled by Statistics Finland.

Gross domestic product at market prices
by quarter calculated at 1995 prices

The growth in exports and households' consumption raised the output of GDP in the third quarter. The volume of exports increased by over six per cent and imports by four per cent from twelve months back. Households' consumption expenditure rose by 3 per cent. Investments were 1.5 per cent up on the year before.

The growth in the processing industries, which started in the second quarter, continued and was now 3 per cent. Output in the wood and paper industry grew by seven per cent in the third quarter and in the metal industry by 5 per cent. Construction was on level with the previous year. Service industries grew by 2 per cent in the third quarter. Trade increased by over 2 per cent, motor vehicle sales being particularly brisk again. Primary production grew by 3 per cent due to increased forest fellings.

The wages and salaries bill of the national economy grew by 3.7 per cent in the July to September period compared to one year ago. Enterprises' operating surplus went up by five per cent in the same period.

According to preliminary data compiled by Eurostat, the Statistical Office of the European Communities, GDP grew in the EU area by 0.9 per cent in the third quarter of 2002 compared to the corresponding quarter of 2001. In Finland, GDP increased by 2.3 per cent in the third quarter.

Demand and supply of national economy 2002, 3rd quarter, changes in volume from previous year's corresponding quarter and from previous quarter, per cent

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	Change from previous year's corresponding quarter, %	Change from previous quarter, %
Gross domestic product	+2.3	+0.5
Imports	+3.9	+2.0
Exports	+6.6	-1.1
Consumption	+2.7	-0.3
Investment	+1.5	+0.9

Gross domestic product includes all the goods and services produced during the quarter concerned. Changes in the amount, or volume, of GDP refer to a value from which the effect of deterioration in the value of money, i.e. inflation, has been removed. Change from the previous quarter is calculated from seasonally adjusted data.

Seasonally adjusted GDP refers to a value from which the effect of annually occurring regular seasonal variation caused by holiday periods, seasonal weather, etc. has been removed. Seasonally adjusted series become revised as new observations become available. The data on the last quarter, in particular, should be viewed with caution, as new observations especially at turning points of economic development may alter seasonally adjusted figures significantly.

Source: National Accounts 2002, 3rd quarter. Statistics Finland