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Published: 18 September 2020

Gross domestic product grew by 1.1 per cent in 2019

According to Statistics Finland's preliminary data, the volume of GDP grew by 1.1 per cent in 2019. Most of the preliminary data were already included in the calculations of the figures released in June and the growth in the volume of GDP has remained unchanged. The figures have become revised as concerns the rest of the world, private consumption and partly government finance, on which new data were obtained. In connection with the September release, we have also updated the database tables of quarterly national accounts.

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

The data for 2019 are still preliminary and there is uncertainty related to enterprise data, for example. These data will be revised in the early part of next year, when the final annual data for enterprises will be available. For 2019, the publication accuracy of StatFin database tables is still less detailed than the final one, because the preliminary nature of the data becomes emphasised when reaching a more detailed level.

In connection with the September publication, we have also updated the database tables of quarterly national accounts in accordance with the European revision policy. According to Statistics Finland's preliminary data, the volume of Finland’s gross domestic product decreased in April to June by 4.4 per cent from the previous quarter (previously 4.5 per cent). A more detailed description of the European revision policy is given in the last section.

The release text for June contains a more comprehensive description of the data for 2019. The next section describes the main annual accounts updates from summer.

Revisions to annual accounts data in September

The structure of households' consumption expenditure has become revised from summer, even though at the total level households' consumption was updated moderately. More detailed data enable publishing of households' consumption expenditure at a level corresponding to the calculation level for 2019.

As regards international trade, we have received new data from the annual inquiry on international trade in services and international flows of goods. Exports of goods and services in accordance with the national accounts and balance of payments also include global production based on financial ownership. These figures describing global production have also been updated.

Primary income to/from the rest of the world influencing gross national income has also been updated in the September round once the annual financial account data were completed. For this reason, gross national income has become revised even though gross domestic product is at the same level as in the summer round.

In terms of general government finances, the data also contain minor updates, as a result of which the net lending of government finances has become slightly revised downwards.

European revision policy

Starting from 2019, the preliminary annual release dates of national accounts have been scheduled for March, June, September and December in accordance with the recommendations of the harmonised European revision policy. Preliminary annual data are thus updated in every quarter and they are coherent with the quarterly national accounts and balance of payments data, at a lag of around 80 days from the quarter. Quarterly national accounts (QNA) are first published at a lag of 60 days and benchmarked to other data at a lag of 80 days.

Source: National Accounts 2019, third preliminary data. Statistics Finland

Inquiries: Vuositilinpito Tapio Kuusisto 029 551 3318, Neljännesvuositilinpito Samu Hakala 029 551 3756, kansantalous@stat.fi

Head of Department in charge: Mari Ylä-Jarkko

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Appendix tables

• Appendix table 1. Gross domestic product (GDP) 1975-2019* (18.9.2020)
• Appendix table 2. Revision of annual volume change, % (18.9.2020)

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Updated 18.9.2020