Development by industry 

Updated: 1.3.2017 - Next update: 1.6.2017
   
 
 
Share
In the fourth quarter, the combined volume of value added in the national economy grew by 0.1 per cent from the previous quarter. In the whole of 2016, value added generated was 1.3 per cent higher than in 2014.
Examined in euros, value added grew in construction, particularly in building construction, and in private services. Viewed by current prices, clear growth in 2016 was seen among manufacturing industries in mining and quarrying, the forest and chemical industries, and energy supply, water supply and waste management.
The volume of value added in primary production, that is, agriculture, forestry and fishery, went up by 3.7 per cent in October to December from the previous quarter.
Primary production grew by 0.6 per cent over the whole of 2016. Production in agriculture decreased by 3.7 per cent measured by volume but grew by 2.0 per cent viewed by current prices. The volume of the production of the forestry increased by 1.9 per cent.
In the fourth quarter, value added in total manufacturing (industries B to E) contracted by 1.0 per cent from the previous quarter but grew by 0.6 per cent from twelve months back.
Total output in manufacturing grew by 1.0 per cent over the whole year. Value added diminished by nearly ten per cent in the electrical and electronics industry. By contrast, output in other metal industry grew by 2.0 per cent. The forest industry went up by 5.7 per cent and the chemical industry by 5.0 per cent.
From October to December, the volume of value added in construction increased by 1.2 per cent from the previous quarter.
The volume of construction went up by 6.9 per cent in the whole of 2016. Building construction increased strongly, civil engineering also grew clearly.
From October to December, the volume of value added in service industries increased by 0.2 per cent.
The service industries as a whole grew in 2016 more weakly than other main industries, by 0.9 per cent. Private services grew by 1.8 per cent but public services decreased by 1.4 per cent. Growth was most significant in business activities (industries M to N), which grew by 7.6 per cent. Accommodation and restaurant activities and trade industries also grew clearly, and in particular, motor vehicle trade was lively. Value added decreased in public administration and education and in human health and social work activities, by 1.9 per cent.

Source:
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.

Value added (gross) refers to the value generated by any unit engaged in a production activity. In market production it is calculated by deducting from the unit's output the intermediates (goods and services) used in the production process and in non-market production by adding up compensation of employees, consumption of fixed capital and possible taxes on production and imports.

The examination of industry-specific development can assist in the comprehensive analysis of industrial economic development prospects and growth forecasts. Industry-specific indicators also provide important information about jobs and employment growth, the vitality of the structure of business and industry as well as regional differences in business activity and jobs. The information provided by industry-specific indicators can be utilised both in labour and business policy planning and in the targeting of education and research.

The public administration’s goal is to maintain a high employment rate as well as high employment across different sectors. Large regional differences in different industries and jobs as well as the structural challenges of the labour market will require in future measures that promote flexibility in work, the more effective coordination of work and education, and sustainably directed investments in new, developing industries.