Volume of gross domestic product fell by 0.9 per cent in 2023
Change
Change
According to Statistics Finland’s data, the volume of Finland’s GDP fell by 0.9 per cent in 2023. The fall was revised slightly from the preliminary data in December (was -1.2 per cent). The data for 2023 were now published with detailed industry classification accuracy, as revised annual data from enterprises were obtained as sources.
Key selections
- The fall in the volume of GDP became revised to 0.9 per cent (in December -1.2 per cent).
- The output and investments of construction fell in 2023. A corresponding decline in residential building construction was last seen during the financial crisis.
Value added by industry
The development of GDP remained below the EU average in Finland. In total industries (B to E), value added at current prices decreased from 2022. However, the volume of value added was growing slightly as the volume of domestic output in energy supply increased.
The value and volume of output in construction (F) declined from the previous year. Value added in construction also fell while the fall in output was faster than the fall in intermediate consumption. The weak development in the volume of construction was particularly caused by the slowdown of newbuilding.
Constant-price value added in financial intermediation and insurance (K) and accommodation and food service activities (I) was growing rapidly. The growth in the financial sector was explained by the positive impact of higher interest rates on banking. The growth in accommodation and food service activities was partly due to the return to normal after the coronavirus.
Investments
The value of investments went down in 2023. The fall was especially due to the strong slowdown of newbuilding. The volume of investments in residential buildings was falling sharply. A corresponding decline was last seen during the financial crisis.
The value of investments in wind power included in other structures was also falling in 2023. The fall in the value was affected by the record high investments in wind power in the comparison year 2022. However, significant investments in wind power continued in 2023 as well.
Tables
GDP per capita 1975-2023*
Bruttonationalprodukt (BNP) 1975-2023*
Data revisions
Revision of annual volume change, %
Revision of taxes and tax ratio
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