Published: 27 November 2020

Gross domestic product grew by 3.3 per cent from the previous quarter

According to Statistics Finland's preliminary data, the volume 1) of Finland’s gross domestic product increased in July to September by 3.3 per cent from the previous quarter. Compared with the third quarter of 2019, GDP adjusted for working days contracted by 2.7 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)

According to revised data, GDP contracted in April to June by 3.9 per cent from the previous quarter (was -4.5%) and by 6.2 per cent from twelve months back (was -6.4%).

In the third quarter of 2020, the volume of exports increased by 2.6 per cent from the previous quarter but contracted by 12.7 per cent year-on-year. Imports grew by 4.7 per cent from the previous quarter but contracted by 9.8 per cent year-on-year.

In the third quarter, the volume of private consumption went up by 2.9 per cent from the previous quarter but contracted by 3.6 per cent from twelve months back. Gross fixed capital formation, or investments, fell by 0.3 per cent from the previous quarter and by 2.0 per cent year-on-year.

Statistics Finland has also published a review on the effects of the corona crisis combining several statistics (in Finnish only): http://www.stat.fi/ajk/koronavirus/koronavirus-ajankohtaista-tilastotietoa/miten-vaikutukset-nakyvat-tilastoissa/talouden-tilannekuva


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, 3rd quarter. Statistics Finland

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

Head of Department in charge: Mari Ylä-Jarkko

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Updated 27.11.2020

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 3rd quarter 2020. Helsinki: Statistics Finland [referred: 26.2.2021].
Access method: http://www.stat.fi/til/ntp/2020/03/ntp_2020_03_2020-11-27_tie_001_en.html