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Published: 1 March 2013

Gross domestic product contracted by 0.2 per cent last year

According to Statistics Finland’s preliminary data, the volume of Finland’s GDP contracted by 0.2 per cent in 2012. Last year, GDP that describes the output of the national economy stood at EUR 194 billion. Net national income describing the income of the national economy went down by 2 per cent in real terms.

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

Last year, demand in the national economy was maintained by consumption. The volume of private consumption went up by 1.6 per cent and public consumption by 0.8 per cent. By contrast, investments decreased by 2.9 per cent. The volume of exports shrunk by 1.4 per cent and that of imports by 3.7 per cent.

Non-financial corporations' operating surplus describing profits from their actual operations contracted by 2 per cent. Non-financial corporations paid 12 per cent less direct taxes and 14 per cent less dividends than in the previous year. Their financial position showed a surplus of nearly EUR 8 billion. The surplus grew from the previous year because inventories decreased considerably.

By contrast, the financial position of general government, i.e. net lending, was in deficit for the fourth successive year, by EUR 4.5 billion. In the previous year, the deficit was EUR 2.1 billion.

Growth in households’ real income was almost stagnate for the second year in a row. Net disposable income grew by 0.2 per cent in real terms. Households' adjusted real income grew by 0.3 per cent. Adjusted income also takes into consideration the individual services that general government and organisations produce for households, such as educational, health and social services. Wages and salaries went up by 3.2 per cent in nominal terms and social security benefits by 5.6 per cent but property and entrepreneurial income went down by 0.3 per cent.

National Accounts 2003-2012, Tables, PDF

Source: National Accounts, Statistics Finland

Inquiries: Olli Savela 09 1734 3316, Aila Heinonen 09 1734 3338, skt.95@stat.fi

Director in charge: Leena Storgårds

Publication in pdf-format (312.1 kB)

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• 1. Gross domestic product decreased by 0.2 per cent in 2012 (1.3.2013)

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• Appendix table 1. Gross domestic product (GDP) at market prices 1975-2012* (1.3.2013)

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Updated 1.3.2013