Topics
National economy

Output of the national economy grew in March 2022 year-on-year

Statistics:
Reference period:
2022, March
Published:
Next release:
Publication type:
release

According to Statistics Finland, output adjusted for working days grew in March 2022 by 5.4 per cent from one year ago. Seasonally adjusted output grew by 0.2 per cent in March from the month before. According to revised data, working day adjusted output grew in February 2022 by 3.6 per cent (previously 2.9%) from February last year. Working day adjusted primary production decreased by around four per cent. Secondary production grew by about six per cent and services by around five per cent from March 2021.

Line chart on the development of the volume of total output by month in 2005 to 2022. The line chart shows the trend and seasonally adjusted series on the development of the volume of total output. The volume of total output has developed varyingly over this period. The volume of total output has grown in the period, but there are also times within the period when the volume of total output has contracted. The volume of total output contracted in 2009 and 2020 and in 2012 to 2014.

Key points

  • Adjusted for working days, output went up by 5.4 per cent in March from one year back.
  • Seasonally adjusted output grew by 0.2 per cent in March from the month before.
  • GDP is estimated to have grown by around 0.4 per cent in the first quarter of 2022 from the previous quarter.
  • GDP adjusted for working days increased by 4.3 per cent from one year back.
  • Adjusted for working days, the number of employed persons grew by around 1.9 per cent and hours worked by about 0.8 per cent year-on-year in the first quarter of 2022.

The bar chart shows the percentage change in the volume of working day adjusted output from the previous year over the past thirteen months. In March 2022, the volume of total output grew by around five per cent from one year ago.

Primary production refers to agriculture, hunting, forestry and fishing. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.

The data are based on preliminary data of the Trend Indicator of Output. The next quarterly national accounts with more detailed data will be published on 31 May 2022.

The compilation of the quarterly flash estimate is based on the change in production calculated through the Trend Indicator of Output and on the estimated development of taxes on products and subsidies on products.

The series of the Trend Indicator of Output are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

Data revisions

See key statistical data in the tables.
17.05.2022

Revisions in these statistics

Database tables

Database tables related to this release

Updated database tables
Classifications used:
  • Industry
Updated:
15.06.2022

Background information

Documentation
Referencing instructions

Statistical experts

Inquiries primarily
Eljas Tuomaala
Senior Statistician
029 551 2723
Other experts
Head of Department in charge