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Published: 16 March 2020

Gross domestic product grew by 1.0 per cent in 2019

According to Statistics Finland’s preliminary data, the volume of Finland’s gross domestic product grew by 1.0 per cent in 2019. The growth for 2018 was revised to 1.6 per cent and its industry-specific data were now published at a detailed industry level.

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

Supply

The current price value of value added grew by 3.1 per cent in 2019 and totalled EUR 208 billion. The value of taxes on products was EUR 33 billion and the value of product subsidies was EUR one billion. The value of gross domestic product calculated from these items was EUR 240 billion.

The value of imports increased by 2.5 per cent to EUR 95 billion. The volume of imports went up by 2.2 per cent.

Demand

The value of exports grew by 6.4 per cent to EUR 96 billion in 2019. The volume of exports grew by 7.2 per cent as the prices of export products went down by 0.7 per cent. Goods exports rose due to orders of ships delivered abroad in 2019, for example. For other demand items the delivery of ships abroad was visible as a reduction in inventories.

The value of the biggest demand item, private consumption expenditure, increased by 2.0 per cent to EUR 126 billion. The value of government consumption expenditure grew by 3.9 per cent to EUR 55 billion.

The current price value of investments increased by 1.8 per cent to EUR 57 billion. The volume of investments fell by 0.8 per cent.

Households’ savings ratio turned positive

Households’ adjusted disposable income grew in real terms, that is, adjusted for price changes by 1.8 per cent in 2019. Adjusted disposable income also includes social transfers in kind, which can be interpreted as welfare services offered to households. These services are the individual educational, health and social services that general government and organisations produce for households.

Households’ final consumption expenditure increased by 1.9 per cent and households’ savings amounted to good EUR 0.7 billion (EUR -0.5 billion in 2018). The savings ratio was 0.6 per cent.

Wages and salaries and employment

The growth rate of the wages and salaries sum of the whole economy and employed persons slowed down in 2019. In 2019, the wages and salaries sum of the whole economy grew by 3.1 per cent compared to the previous year (4.6% in 2018). In turn, the number of employed persons increased by 0.9 per cent from the year before (2.5% in 2018). The number of hours worked by employed persons went up by 0.8 per cent from the previous year (2.3% in 2018). According to preliminary data, social security contributions paid by employers went down by 1.4 per cent from the year before. The fall is due to lower statutory employers’ social contribution percentages than in the previous year.

Local government deficit increased

The financial position, or net lending, of general government showed a deficit of EUR 2.7 billion. In the previous year, the deficit was EUR 2.0 billion. The deficit was 1.1 per cent relative to GDP. Statistics Finland will publish the deficit and debt data to be reported to the European Commission on 21 April.

General government surplus / deficit by sector relative to GDP, per cent

The deficit of central government was EUR 2.8 billion, while one year before it was EUR 2.9 billion. According to preliminary data, the deficit of local government (municipalities and joint municipal authorities, etc.) grew to EUR 2.9 billion. The growth in local government deficit was caused by an increase in government consumption expenditure and investments.

The surplus of employment pension schemes remained at roughly the previous year's level at EUR 2.2 billion. The pensions paid by employment pension schemes continued to grow but the collected employment pension contributions also increased. The surplus does not include holding gains in assets. Other social security funds showed a surplus of EUR 0.7 billion.

Revision of data for 2018

The volume change of GDP for 2018 became revised to 1.6 per cent from the previously published 1.7 per cent. The current price value added of the non-financial corporations sector became revised downwards by EUR 0.6 billion from the previous calculation round. The figures for investments were also revised.

The industry-specific data and investments for 2018 were now published at a detailed industry level.

Source: National Accounts 2019, preliminary data. Statistics Finland

Inquiries: Tapio Kuusisto 029 551 3318, Jarkko Kaunisto 029 551 3551, kansantalous@stat.fi

Director in charge: Jan Nokkala

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• Appendix table 1. Gross domestic product (GDP) 1975-2019* (16.3.2020)
• Revision of annual volume change, % (16.3.2020)

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Updated 16.3.2020