23 September 1997
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Director, Economic Statistics: Markku Suur-Kujala +358 9 1734
3437
GDP up by 6.2 per cent in second quarter of 1997
Finland's gross domestic product for the April-June quarter increased by 6.2 per cent on the figure for the corresponding period in 1996. During the first quarter of 1997 the annual rate of growth was 3.4 per cent. With Easter celebrated at an earlier date than in 1996, the number of working days in the second quarter of 1997 was two more and in the first quarter of 1997 four less than in the corresponding periods one year previously. Preliminary data on National Accounts compiled by Statistics Finland indicate an increase in GDP of 4.8 per cent from the early part of 1996 to the early part of 1997.
Production volumes continued to grow rapidly in the second quarter of 1997 both in the wood and paper industry and in the metal industry. In the wood and paper industry production was up by 18 per cent, in the metal industry by almost 13 per cent on the corresponding figures for 1996.
Building construction has been growing briskly throughout the first six months of 1997. During the second quarter of 1997 output increased by more than 14 per cent on the year before. There has also been rapid growth in the transport and communications sector: during the second quarter output was up by 10 per cent on the figures for 1996.
Output volumes dropped during the second quarter of 1997 in civil engineering and in energy and water supply. Energy exports were at an exceptionally high level during the second quarter of 1996.
Private consumption increased by 3 per cent on the figures for April-June 1996. The greatest increase was recorded for consumer durables such as cars, household appliances and furnishings.
Investment in building and construction continued to grow during the second quarter of 1997 and was up by 16 per cent on the figure for the corresponding period in 1996. Investment in the construction of residential buildings showed particularly sharp growth at more than 39 per cent over the previous year.
The sum of wages and salaries of the national economy increased by 5.7 per cent in the April-June period. Operating surplus was up by 7.5 per cent on the figures for the second quarter of 1996.
Source: National Accounts, 2nd quarter 1997. Statistics Finland.