23 December, 1997
Inquiries: Mr Tuomas Rothovius, tel.: +358 9 1734
3360
Statistical Director in charge: Mr Markku
Suur-Kujala
Strong growth of GDP continues in the third quarter
Finland's gross domestic product for the July-September period grew by 6 per cent, having grown in the first six months of the year by 5 per cent compared to the corresponding period in 1996. In the January to September period, Finland's gross domestic product has grown by a total of 5.4 per cent, as indicated by the preliminary data on National Accounts compiled by Statistics Finland.
Of the 6 per cent total growth in gross domestic product, nearly 2 percentage points were attributable to the metal industry, in which output grew by over 15 per cent in the July-September period. Growth of output in the forest industry accelerated to over 18 per cent. Output in both housing construction and wood and paper industry grew by nearly 15 per cent, and in transport and trade by between 7 and 8 per cent.
Animal husbandry contributed to an overall increase in agricultural output in the July-September period, although output in crop growing fell by good 6 per cent. Mild weather in the autumn and a reduction in electricity exports lead to a decrease in the output of energy supply.
Exports have kept economic growth brisk during the year under review. In the January to September period, exports went up by over 13 per cent, while imports in the same period grew by good 9 per cent.
Private final consumption increased by nearly 3 per cent in the July-September period. Sales of cars, electrical and household appliances and electronics, in particular, increased rapidly in the third quarter of the year.
Investments in machinery and equipment increased by 5 per cent in the July to September period. Due to the revival in housing construction, investments in construction have increased strongly throughout the current year, and were up by 15.5 per cent compared to last year's January-September period.
During the third quarter of 1997, the wages and salaries bill of the national economy grew by just under 6.5 per cent, and the operating surplus of enterprises by just under 14 per cent.
Source: National Accounts, 3rd quarter, 1997. Statistics Finland