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Gross domestic product decreased by 0.7 per cent in October to December 2023

release 29/02/2024 | Quarterly national accounts 2023, 4th quarter

According to Statistics Finland, the volume of Finland's gross domestic product decreased in October to December 2023 by 0.7 per cent from the previous quarter. Adjusted for working days, GDP was 1.8 per cent lower than one year ago. Throughout 2023, GDP contracted by 1.0 per cent from the year before. According to preliminary data compiled by Eurostat, GDP in the EU area grew by 0.1 per cent in October to December 2023 from the previous quarter and by 0.5 per cent in the whole year from the year before.

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Key selections

In October to December 2023, the volume of exports decreased by 1.0 per cent from the previous quarter. The volume of imports declined by 1.5 per cent.
Private consumption remained on level with October to December 2023 but decreased by 0.9 per cent year-on-year.
Government consumption expenditure increased by 0.8 per cent in the fourth quarter of 2023 from the level in July to September.
Gross fixed capital formation, or investments, contracted in October to December 2023 by 1.5 per cent from the previous quarter. Private investments decreased but public sector investments grew.

Statistics used in the release

Quarterly national accounts

Data revisions

See key statistical data in the tables.

29/02/2024

Revision of volume changes in GDP

	2022Q4	2023Q1	2023Q2	2023Q3
Seasonally adjusted quarter-on-quarter change, %	1. release	-0.6	0.2	0.6	-0.9
Previous release	-0.6	0.1	0.4	-0.9
Latest release	-0.5	-0.1	0.4	-1.1
Revision, %-points (latest minus first)	0.1	-0.3	-0.2	-0.2
Working day adjusted year-on-year change, %	1. release	0	-0.4	-0.4	-1.2
Previous release	-0.3	0.1	-0.4	-1.2
Latest release	-0.6	-0.1	-0.3	-1.6
Revision, %-points (latest minus first)	-0.6	0.3	0.1	-0.4

29/02/2024

Revision of volume changes in imports

	2022Q4	2023Q1	2023Q2	2023Q3
Seasonally adjusted quarter-on-quarter change, %	1. release	-2.4	-2.7	-1.2	-3.2
Previous release	-2.3	-3.4	-1.2	-3.2
Latest release	-1.6	-4.2	-0.6	-3.6
Revision, %-points (latest minus first)	0.8	-1.5	0.6	-0.4
Working day adjusted year-on-year change, %	1. release	-1.9	-3.7	-7.7	-9.8
Previous release	0.1	-3	-7.3	-9.8
Latest release	0	-3.2	-6.7	-9.7
Revision, %-points (latest minus first)	1.9	0.5	1	0.1

29/02/2024

Revision of volume changes in exports

	2022Q4	2023Q1	2023Q2	2023Q3
Seasonally adjusted quarter-on-quarter change, %	1. release	-2.9	-0.1	-0.2	-1.8
Previous release	-2	0	-0.1	-1.8
Latest release	-1	-0.3	-0.7	-2.8
Revision, %-points (latest minus first)	1.9	-0.2	-0.5	-1
Working day adjusted year-on-year change, %	1. release	-4.8	0.8	-1.2	-3.7
Previous release	-1.5	3.4	-0.4	-3.7
Latest release	-1.4	4	0.4	-4.5
Revision, %-points (latest minus first)	3.4	3.2	1.6	-0.8

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Updated database tables

11tj

Employment and hours worked quarterly(External link)

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Transaction
Industry

Period:

quarter

Statistics:

Quarterly national accounts

Updated:

15/03/2024

132g

Income and production by industry, quarterly(External link)

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Industry
Transaction

Period:

quarter

Statistics:

Quarterly national accounts

Updated:

15/03/2024

132h

Gross domestic product and national income, supply and demand, quarterly(External link)

Classifications used:

Transaction

Period:

quarter

Statistics:

Quarterly national accounts

Updated:

15/03/2024

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Samu Hakala

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