Finland GDP


Finland: GDP registers flat growth in Q3

December 5, 2013

In the third quarter, GDP growth was flat over the previous quarter in seasonally-adjusted terms, according to data released by Statistics Finland on 5 December. The figure was slightly down from the 0.1% expansion seen in the second quarter and fell short of market expectations of a 0.4% expansion.

The flat reading mainly reflected that an improvement in domestic demand - mostly in private consumption - offset a sharp deterioration in the external sector. Total consumption contracted 0.2% quarter-on-quarter (Q2: -0.4% quarter-on-quarter). Private consumption registered the largest improvement, expanding 0.1% (Q2: -0.6% qoq). Public consumption deteriorated to a 1.3% contraction in Q3, after having expanded 0.1% in Q2. Fixed investment registered the sharpest contraction on the domestic side, contracting 2.7% in Q3 (Q2: -0.4% qoq), which marked the lowest reading in four years.

On the external front, exports expanded 1.5% in Q3 (Q2: -1.0% qoq) and imports soared to a 5.1% expansion in the third quarter, which contrasted the 1.2% contraction tallied in Q2. As a consequence, the external sector's contribution to GDP growth fell from a zero contribution in Q2 to minus 1.3 percentage points in Q3; the lowest level since Q4 2011.

Annually, GDP contracted 1.0% over the same quarter last year in seasonally and working-day adjusted terms, which was just slightly down from the 0.9% contraction tallied in Q2.

The Central Bank expects the overall economy to contract 0.8% this year, before accelerating to a 0.7% expansion next year. FocusEconomics Consensus Forecast panelists expect GDP to contract 0.7% this year, which is down 0.2 percentage points from last month's projection. For 2014, the panel sees GDP expanding 1.3%, which is unchanged over the last month's estimate.


Sample Report

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


Finland GDP Chart

Finland GDP Q3 2013

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