28 September 1999
Inquiries: Mr Tuomas Rothovius +358 9 1734
3360
Director in charge: Mr Markku Suur-Kujala
GDP up by 3.4 per cent in the second quarter of 1999
In the second quarter of 1999, the volume of Finland's gross domestic product grew by 3.4 per cent compared to the same period last year. Of the growth, 1.7 percentage points came from the metal industry. In the first quarter of 1999 the gross domestic product was also up by 3.4 per cent. Over the early part of the year, the nominal national income increased by 6.4 per cent. This is indicated by the preliminary data on National Accounts compiled by Statistics Finland.
The volume of output continued to grow fast in the metal industry, where output was up by 14 per cent in the second quarter. Output in the wood and paper industry remained unchanged and output in other manufacturing contracted by one per cent. In construction, output has grown briskly throughout the early part of the year, and was up by 7 per cent in the April to June period from the year before. Output in trade grew by 4.6 per cent. In contrast, output in agriculture went down by 5 per cent.
Imports declined by 1.6 per cent from the previous year, while exports grew by 1.6 per cent. Economic growth continued to be sustained by private demand. In the second quarter, private consumption increased by 3.4 per cent and private investments by almost 12 per cent.
Construction investments continued to grow, being up by 8.6 per cent in the second quarter. Investments in machinery and equipment increased by 4.6 per cent in the early part of the year. Purchases were mainly transport equipment.
According to the statistical office of the European Communities, Eurostat, the volume of the gross domestic product increased by 1.7 per cent in the EU Member States in the first quarter of 1999 compared to the corresponding quarter of 1998.
Source: National Accounts 1999, 2nd quarter. Statistics Finland