Published: 28 August 2020

Gross domestic product contracted by 4.5 per cent from the previous quarter

According to Statistics Finland's preliminary data, the volume 1) of Finland’s gross domestic product decreased in April to June by 4.5 per cent from the previous quarter. Compared with the second quarter of 2019, GDP adjusted for working days contracted by 6.4 per cent.

Gross domestic product by quarter, volume series, reference year 2010 (EUR bn)

Gross domestic product by quarter, volume series, reference year 2010 (EUR bn)

Finland’s national economy has now contracted for three consecutive quarters. According to revised data, GDP decreased in January to March by 1.9 per cent from the previous quarter (was -0.9%) and by 1.3 per cent from twelve months back (was -1.1%).

In the second quarter of 2020, the volume of exports contracted by 8.7 per cent from the previous quarter and by 12.0 per cent year-on-year. Imports decreased by 9.8 per cent from the previous quarter and by 12.7 per cent year-on-year.

In the second quarter, the volume of private consumption contracted by 6.9 per cent from the previous quarter and by 10.9 per cent from twelve months back. Gross fixed capital formation, or investments, fell by 0.6 per cent from the previous quarter and by 1.2 per cent year-on-year.


1) Volume refers to data from which the effects of price changes have been eliminated. Volumes (reference year 2010) are expressed relative to the 2010 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.

Source: National Accounts 2020, 2nd quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Antti Kosunen 029 551 3613, kansantalous.suhdanteet@stat.fi

Director in charge: Jan Nokkala

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Updated 28.8.2020

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 2nd quarter 2020. Helsinki: Statistics Finland [referred: 20.9.2020].
Access method: http://www.stat.fi/til/ntp/2020/02/ntp_2020_02_2020-08-28_tie_001_en.html