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Published: 26 February 2021

Gross domestic product grew in the last quarter of 2020

According to Statistics Finland's preliminary data, the volume 1) of Finland’s gross domestic product increased in October to December by 0.4 per cent from the previous quarter. Compared with the last quarter of 2019, GDP adjusted for working days decreased by 1.4 per cent.

Gross domestic product by quarter, volume series, reference year 2015 (EUR bn)

Gross domestic product by quarter, volume series, reference year 2015 (EUR bn)
According to revised data, GDP grew in the third quarter of 2020 by 3.2 per cent from the previous quarter (was 3.3%) but decreased by 2.6 per cent from twelve months back (was -2.7%).

The volume of exports grew by 8.8 per cent in October to December but the volume of imports decreased by 1.4 per cent from the level in July to September. Gross fixed capital formation, or investments, fell by 1.9 per cent and private consumption by 1.5 per cent from the previous quarter. Government consumption expenditure increased by 2.8 per cent.

1) Volume refers to data from which the effects of price changes have been eliminated. Volumes (reference year 2015) are expressed relative to the 2015 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, 4th quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Antti Kosunen 029 551 3613,

Head of Department in charge: Katri Kaaja

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Revisions in these statistics

Updated 26.02.2021

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 4th quarter 2020. Helsinki: Statistics Finland [referred: 2.6.2023].
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