Finland GDP

Finland

Finland: GDP in Q3 sees largest contraction in almost three years

December 4, 2015

According to official data released by Statistics Finland on 4 December, the Finnish economy contracted a seasonally-adjusted 0.5% in Q3 2015 over the previous quarter, which represented the lowest reading since Q4 2012. The print contrasted the revised 0.4% expansion recorded in Q2 (previously reported: 0.2% quarter-on-quarter). In annual terms, GDP registered a 0.8% decrease in Q3 (Q2: +0.6% year-on-year).

The quarterly decrease was mainly due to a stark deterioration in the external sector, offsetting a mild expansion in domestic demand. Private consumption rose 0.8% over the previous quarter, up from the 0.1% increase that was tallied in Q2. Government spending inched down over the previous quarter (Q3 +0.1% qoq, Q2: +0.2% qoq). Fixed investment fell sharply, by 1.4% in Q3, a staunch deterioration from the 0.2% contraction recorded in Q2.

On the external front, exports contracted a seasonally-adjusted 0.7% in Q3, which was below the 0.5% decrease observed in Q2. Imports recorded a 1.8% increase in Q3, which marked a strong recovery and contrasted the 4.7% decrease seen in Q2. As a result, the external sector’s net contribution to GDP growth deteriorated from plus 1.7 percentage points in Q2 to minus 1.0 percentage points in Q3, the largest detraction since Q4 2011.

The Central Bank expects the economy to expand 1.2% in 2016 and to 1.3% in 2017. FocusEconomics Consensus Forecast panelists are less optimistic than the Central Bank in its forecast and expect the economy to expand 0.8% in 2016, which is unchanged from last month’s projection. For 2017, the panel sees GDP expanding 1.3%.


Author:, Economist

Sample Report

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

Download

Finland GDP Chart


Finland GDP Q3 2015

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


Finland Economic News

  • Finland: Current account balance swings to a deficit in December

    February 15, 2018

    According to Statistics Finland, the current account was in a deficit of EUR 0.06 billion in December, a deterioration compared to November’s surplus of EUR 0.09 billion.

    Read more

  • Finland: Growth in economic activity slows in December

    February 14, 2018

    Economic activity grew a working-day adjusted 3.6% in December compared to the same month of the previous year, down from November’s revised 4.3% increase (previously reported: +3.5% year-on-year).

    Read more

  • Finland: Economic activity gathers pace in November despite slower services growth

    January 16, 2018

    In November, economic activity grew a working-day adjusted 3.5% compared to the same month of the previous year, up from October’s revised 3.2% increase (previously reported: +2.6% year-on-year).

    Read more

  • Finland: Current account surplus shrinks in November

    January 15, 2018

    According to Statistics Finland, which heavily revised its historical data this month, the current account showed a EUR 0.09 billion surplus in November last year, less than the revised EUR 0.18 billion surplus recorded in October (previously reported: EUR 0.54 billion). In the 12 months leading up to November, the current account surplus widened to EUR 1.4 billion, compared to October’s revised cumulative 12-month surplus of EUR 1.2 billion (previously reported: EUR 0.18 billion). The trade surplus narrowed in November against the previous month, recording net inflows worth EUR 181 million compared to October’s revised EUR 284 million surplus (previously reported: EUR 279 million surplus).

    Read more

  • Finland: Current account surplus bounces back in October

    December 15, 2017

    The current account surplus came in at EUR 0.54 billion in October, higher than both the EUR 0.08 billion surplus recorded in the previous month and the EUR 0.26 billion surplus totaled in the same month last year. In the 12 months leading up to October, the current account deficit narrowed to EUR 0.18 billion, compared to September’s cumulative 12-month deficit of EUR 0.46 billion. The trade surplus widened marginally in October over the previous month, recording net inflows worth EUR 279 million compared to September’s EUR 220 million surplus.

    Read more

More news

Search form