Finland GDP

Finland

Finland: Economy contracts in Q4

March 1, 2013

In the fourth quarter, GDP declined a seasonally adjusted 0.5% over the preceding three-month period, according to data released by the statistical institute on 1 March. The reading was in line with market expectations and contrasted the 0.1% rise seen in the third quarter (previously reported: -0.1% quarter-on-quarter). In annual terms, the economy declined a working-day adjusted 1.5%, which represents a further deterioration over the 0.8% decline seen in the previous quarter and marks the lowest annual growth rate seen in three years. In the full year 2012, GDP contracted 0.2%, contrasting the 2.8% expansion seen in 2011.

The external sector was the main driver behind the deterioration over the preceding quarter. While exports swung from a 2.4% expansion in the third quarter to a 4.4% decrease in the fourth quarter, imports recorded a 1.5% rise (Q3 2012: -2.5% qoq).

On the domestic front, total consumption rose 0.4% (Q3: +0.7% qoq), underpinned by an increase in private consumption, which accelerated from a 0.7% expansion in the third quarter to a 0.9% rise in the fourth. Government spending, on the other hand, contracted 1.0% (Q3: +0.7% qoq). In addition, fixed investment remained in the red by posting a 2.5% contraction (Q3: -2.2% qoq).

The Central Bank expects the overall economy to grow 0.3% this year before accelerating to a 1.5% expansion next year. Panellists see the economy rising 0.5% in 2013, which is down 0.2 percentage points from last month's estimate. For 2014, the panel projects growth to pick up to 1.7%.


Author:,

Sample Report

Looking for forecasts related to GDP in Finland? Download a sample report now.

Download

Finland GDP Chart


Finland GDP Q4 2012

Note: Quarter-on-quarter changes of seasonally adjusted GDP in %.
Source: Statistics Finland and FocusEconomics calculations.


Finland Economic News

  • Finland: Growth moderates in Q3, but remains firm

    December 1, 2017

    According to preliminary data released on 1 December, the economy lost momentum in the third quarter.

    Read more

  • Finland: Current account surplus narrows in September

    November 15, 2017

    The current account surplus was EUR 0.08 billion in September, considerably below the EUR 0.23 billion surplus recorded in August, but above the EUR 0.02 billion surplus recorded in September 2016.

    Read more

  • Finland: Economic growth quickens in September

    November 14, 2017

    In September, economic activity grew a working-day adjusted 3.8% over the previous year—up from August’s revised 3.7% rise (previously reported: +2.7% year-on-year)—according to the latest monthly Trend Indicator of Output released by Statistics Finland.

    Read more

  • Finland: Economic activity slows in August

    October 13, 2017

    In August, economic activity grew by a working-day adjusted 2.7% over the previous year—down from July’s revised 3.6% rise (previously reported: +3.1%)—according to the latest monthly Trend Indicator of Output released by Statistics Finland.

    Read more

  • Finland: Current account surplus steady in August

    October 13, 2017

    Finland’s current account surplus amounted to EUR 0.23 billion in August, almost unchanged from the revised EUR 0.25 billion surplus recorded in July (previously reported: EUR 0.16 billion). In the 12 months leading up to August, the current account deficit totaled EUR 0.52 billion, very close to July’s cumulative deficit of EUR 0.51 billion. However, the trade balance improved in August over the previous month, recording a EUR 238 million surplus compared to July’s EUR 75 million surplus.

    Read more

More news

Search form