Sunday. 19.05.2024

The volume of Finland’s gross domestic product (GDP) increased quarterly in October to December by 0.4% from the previous quarter.

However, the annual comparison shows that the Finnish economy has shrunk compared to a year ago due to the effects of the coronavirus crisis and the subsequent restrictions on economic activity: GDP adjusted for working days decreased by 1.4% compared with the last quarter of 2019.

Figures are from National Accounts Statistics for the last quarter of 2020 released on Friday by Statistics Finland.

The volume of exports grew 8.8% in October to December but the volume of imports decreased 1.4% from the level in July to September.

Declining investments

Gross fixed capital formation, or investments, fell by 1.9% and private consumption by 1.5% from the previous quarter. Government consumption expenditure increased by 2.8% and helped maintain activity, offsetting the decline in private consumption.

According to revised data, GDP grew also in the third quarter of the year by 3.2% from the second but decreased by 2.6% from twelve months back.

Finland's GDP grew in the last quarter of 2020