Economic growth (GDP)
|Updated: 1.9.2017 - Next update: 1.12.2017|
Gross domestic product grew by 0,4 per cent from the previous quarter
According to Statistics Finland's preliminary data, the volume of Finland’s gross domestic product increased 1) in April to June by 0.4 per cent from the previous quarter. Compared with the second quarter of 2016, GDP adjusted for working days grew by 3.0 per cent.
Revisions put the change in the volume of GDP in the first quarter of 2017 at 1.2 per cent from the previous quarter (was 1.2%) and at 3.0 per cent from twelve months back (was 2.7%).
In the second quarter of 2017, the volume of exports remained on the same level as in January to March but increased by eight per cent from one year ago. Imports increased by three per cent from the previous quarter and by four per cent year-on-year.
Gross fixed capital formation, or investments, grew by three per cent in April to June from the previous quarter and by 11 per cent year-on-year. The volume of private consumption grew by one per cent from the previous quarter and by three per cent from twelve months back.
Statistics Finland / Quarterly national accounts
Description of indicator
Quarterly national accounts describe Finland’s economy systematically and according to the same concepts and definitions as annual national accounts, but at a more aggregated level. The produced data show how Finland’s GDP has developed by quarter, which activities have grown and by how much, whether output has grown because of exports or investments, how the consumption of households has changed from the previous quarter, and how much wages and salaries have risen from the previous year.
GDP, gross domestic product at market prices is the final result of the production activity of resident producer units.
Economic growth has a crucial impact on the overall picture of the development of society. Economic growth must be continuous and must create jobs to ensure that funding of the Finland’s welfare society and extensive social sector is balanced in relation to public sector revenue. In addition to a job-creating economic policy, technological development is also needed to support sustainable economic growth. Technology creates opportunities for maintaining growth and at the same time curbing the use of natural resources. An ageing population and a declining labour force are major factors threatening to reduce the total work input of the economy and to slow the productivity growth rate.