Finland GDP

Finland

Finland: Economy moderates pace of decline in Q1

June 5, 2013

In the first quarter, GDP dropped 0.1% over the previous quarter in seasonally adjusted terms, according to data released by the statistical institute on 5 June. The figure marks an improvement over the 0.7% drop seen in Q4 2012 and was in line with preliminary data published by the statistical institute on 15 May.

The external sector underpinned the improvement seen in Q1, as exports of goods and services swung from a 4.4% quarter-on-quarter fall in Q4 to a 0.9% expansion in Q1. In contrast, imports declined 3.0% in the first quarter, which contrasted the 1.4% increase recorded in the previous quarter.

On the domestic side, total consumption inched down to a 0.3% rise in the first quarter (Q4: +0.4% qoq), mainly reflecting a significant deceleration in private consumption (Q4: +0.9% qoq; Q1: +0.3% qoq). Government spending, on the other hand, picked up from a 1.1% contraction in Q4 to a 0.3% rise in Q1. Fixed investment also improved from a 2.2% decline in the fourth quarter to a 0.6% increase.

In annual terms, the economy contracted 2.2% in the first quarter, which represents a further deterioration compared to the 1.7% drop recorded in final quarter of 2012.

According to its latest bi-annual Economic Outlook report from December, the Central Bank expects the overall economy to grow 0.4% this year, before accelerating to a 1.5% expansion next year. FocusEconomics Consensus Forecast panellists expect GDP to grow 0.2% this year, which is down 0.1 percentage points from last month's projection. For 2014, the panel sees GDP expanding 1.5%.


Author: Ricard Torné, Head of Economic Research

Sample Report

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

Download

Finland GDP Chart


Finland GDP Q1 2013

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


Finland Economic News

  • 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

  • Finland: Current account swings to a surplus in July

    September 15, 2017

    Finland’s current account swung up to a EUR 0.16 billion surplus in July, an improvement from the EUR 0.42 billion deficit recorded in June.

    Read more

More news

Search form