Home > Statistics > Quarterly national accounts > 2020 > 1st quarter > Gross domestic product contracted by 0.9 per cent from the previous quarter

Published: 29 May 2020

Gross domestic product contracted by 0.9 per cent from the previous quarter

According to Statistics Finland's preliminary data, the volume ¹⁾ of Finland’s gross domestic product decreased in January to March by 0.9 per cent from the previous quarter. Compared with the first quarter of 2019, GDP adjusted for working days decreased by 1.1 per cent.

Gross domestic product by quarter, volume series, reference year 2010 (EUR bn)

Finland's national economy is in recession, as gross domestic product has now contracted in two consecutive quarters. According to revised data, the volume of GDP in the last quarter of 2019 contracted by 0.6 per cent from the previous quarter (was -0.8 %) but grew by 0.5 per cent from twelve months back (was 0.4%).

In the first quarter of 2020, the volume of exports contracted by 7.4 per cent from the previous quarter and by 8.5 per cent year-on-year. Imports decreased by 3.5 per cent from the previous quarter and by 4.1 per cent year-on-year.

In the first quarter, the volume of private consumption contracted by 0.6 per cent from the previous quarter but grew by 0.1 per cent from twelve months back. Gross fixed capital formation, or investments, fell by 0.5 per cent from the previous quarter and by 1.4 per cent year-on-year.

1) Volume refers to data from which the effects of price changes have been eliminated. Volumes (reference year 2010) are expressed relative to the 2010 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.

Source: National Accounts 2020, 1st quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Antti Kosunen 029 551 3613, kansantalous.suhdanteet@stat.fi

Director in charge: Jan Nokkala

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• Finland's national economy in recession, output contracted in January to March (29.5.2020)

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Updated 29.5.2020