Gross domestic product rose by 3.0 per cent in 2021

Revision of data

Concerning industry-specific data, revisions to preliminary data occurred, for example, in the construction industry. The costs of construction were clearly growing in 2021 and these data affecting intermediate consumption were now calculated more extensively than preliminary data. New data on renovation building were also obtained.

The industry-specific volume data have been revised in the February round.

Supply

Big growth figures were seen in many industries compared to 2020. The current priced value of the output of the whole economy increased by eight per cent and intermediate consumption by 10 per cent in 2021. The current priced value added calculated as the difference between these rose by five per cent in 2021. Higher producer prices, in turn, raise the current priced figures. In 2021, the prices of output increased by five per cent and the prices of intermediate consumption by seven per cent.

The volume of output grew by 3.1 per cent and the volume of intermediate consumption by 3.0 per cent.

Recovery from 2020 was visible in service industries. However, the downward impact of COVID-19 on the demand for services was visible in some of the service industries also in 2021. In services, the price changes were moderate.

Private consumption returned to growth track in 2021

Private consumption was again growing in 2021 after the slump in 2020.

Growth in households’ consumption expenditure compared to the year before was especially visible in clothing and accommodation and food service activities, which decreased significantly in 2020 due to COVID-19.

Insurance services also grew significantly in 2021, as did transport services as a whole, although consumption expenditure on air and sea transport in particular still diminished in 2021.

Employment and wages

The number of employed persons rose to a new record level in 2021 as the number of employed persons went up by 2.7 per cent from 2020. The number of hours worked grew by 2.4 per cent. The positive development in the wages and salaries sum, employed persons and hours worked was strong in most industries. In some industries, especially in transport industries, the coronavirus pandemic still had a clear effect on development.