Volume of gross domestic product fell by 1.2 per cent in 2023

Revision of data

Gross domestic product was EUR 273 billion in 2023, that is, on level with the September release. The figures for December are largely based on preliminary data, which still involve uncertainty concerning construction, for example. Revised business data will be included in the release in February 2025.

In the December release, updates have been made to, for example, the local government sector, from which new data have been received. There are changes particularly in the industry-specific data of the local government sector. Minor updates have also been made to data on central government and rest of the world. For the other sectors, industry-specific changes were described in connection with the summer release.

Financial position of local government in deficit in 2023

The financial position of local government (S1313) showed a deficit of EUR 2.9 billion in 2023. The local government sector (S1313) includes both the sectors of local government excl. wellbeing services counties sector (S13131) and wellbeing services counties (S13132).

The wellbeing services county reform implemented in 2023 and the related changes in data collection and calculation methods caused a break in the time series between 2022 and 2023 in the industries of education, social protection services and public administration. Output and intermediate consumption of industries education (85) and social work activities (87_88) grow from the level of 2022 and correspondingly, output and intermediate consumption of the industry public administration (841_842) fall.

Deficit in central government's financial position grew in 2023

Financial position of central government showed a deficit of EUR 9.1 billion in 2023. In 2022, the deficit was EUR 3.6 billion.

The deficit for 2023 was revised to EUR 123 million higher than in the data published in September. One of the reasons for this was a timing revision of income taxes paid by a central government unit to the central government.

The data published in December contain a classification change of the public development fund company Finnfund to the central government sector starting from data for 2023. Until now, Finnfund has been classified in the sector of other financial intermediaries (S.125). The classification change did not have a significant effect on net lending.

Rest of the world

The current account showed a deficit of EUR 1.5 billion in 2023 (EUR 1.1 billion in the September release). The current account deficit for 2022 became revised to EUR 6.4 billion (EUR 5.8 billion in the September release). The revisions are based on the net share of financial income according to the central bank's capital key included in the figures for the first time, which is visible as grown other miscellaneous current transfers in 2022 and 2023.

National Accounts' table package

The table package combining national accounts data is available in PDF/A format. The table package is updated in connection with each annual national accounts release.