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Published: 27 February 2009

Gross domestic product grew by 0.9 per cent last year

According to Statistics Finland’s preliminary data, the volume of Finland’s GDP grew by 0.9 per cent in 2008. The growth was slowest since the recession of the early 1990s. Last year GDP stood at EUR 186 billion.

Growth of output hinged on consumption and investments. The volume of consumption grew by 1.9 per cent and investments by one per cent. By contrast, the volume of exports fell by 1.1 per cent and that of imports by 1.3 per cent.

Non-financial corporations’ profits were brought down by the onset of the economic downturn last year, but investments continued to grow. Non-financial corporations’ financial surplus diminished to EUR 1.7 billion. General government still showed a surplus of nearly EUR 8 billion last year.

Households’ real income grew by an average of 2.7 per cent. Wage and salary income went up by over 7 per cent in nominal terms and social benefits by just short of 4 per cent, but entrepreneurial income fell by over 5 per cent. Households’ financial deficit was EUR 4.5 billion.

Annual change in the volume of gross domestic product, per cent

Source: National Accounts. Preliminary annual data and 4th quarter of 2008. Statistics Finland

Inquiries: Olli Savela (09) 1734 3316, Aila Heinonen (09) 1734 3338

Director in charge: Ari Tyrkkö

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Reviews

• Gross domestic product fell sharply in the last quarter of 2008, growth for the whole year only 0.9 per cent (27.2.2009)

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Appendix tables

• Gross domestic product (GDP) at market prices 1975-2008* 1) (27.2.2009)
• National balance of supply and demand 2007*-2008* 1) (27.2.2009)
• National income 2007*-2008* 1) (27.2.2009)
• Net lending 2007*-2008* 1) (27.2.2009)

Methodological descriptions

• National accounts time series have been revised (27.2.2009)

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Updated 27.2.2009