Finland GDP

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Finland: Economy grows at slower pace in Q3

December 5, 2014

According to official data released by Statistics Finland on 5 December, the Finnish economy expanded a seasonally-adjusted 0.2% in Q3 over the previous quarter, coming in below the the revised 0.4% expansion recorded in Q2 (previously reported: +0.2% quarter-on-quarter) and confirming the 14 November flash estimate. In annual terms, GDP recorded flat growth (Q2: -0.3% year-on-year), marking the best result since Q4 2013.

The quarterly deceleration was mainly driven by shrinking investment. Private consumption rose 0.7% over the previous quarter, contrasting the 0.3% contraction that was tallied in Q2, and reaching the largest gain in two years. Government consumption rebounded from Q2’s 0.2% contraction to a 0.9% increase in Q3. However, fixed investment swung from Q2’s flat growth to a 1.0% contraction in Q3.

On the external front, exports fell a seasonally-adjusted 0.1% in the third quarter, which contrasted the 2.9% expansion seen in Q2 and represented the largest drop since Q4 2013. Imports shrunk 1.1% in Q3, which contrasted Q2’s 2.6% rise. As a result, the external sector’s net contribution to GDP growth rose from 0.1 percentage points in Q2 to 0.4 percentage points in Q3.

The Central Bank expects the economy to contract 0.1% in 2015 and to expand 1.0% in 2016. FocusEconomics Consensus Forecast panelists are more optimistic than the Central Bank’s forecast and expect the economy to expand 0.7% in 2015, which is down 0.1 percentage points from last month’s projection. For 2016, the panel sees GDP expanding 1.4%.


Author: Teresa Kersting, Economist

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Finland GDP Chart


Finland GDP Q3 2014 0

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


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