Gross domestic product down by 7.6 per cent in the first quarter, economy contracting at the pace seen in the early 1990s

According to preliminary data of Statistics Finland, the volume of Finland’s GDP fell by 2.7 per cent in the first quarter of 2009 from the previous quarter. Compared to the first quarter of 2008, working-day adjusted GDP contracted by 7.6 per cent. The first quarter of 2009 had the same number of working days as twelve months before.

Revisions put growth in GDP in the fourth quarter of 2008 at -2.4 per cent from twelve months back and at -2.1 per cent from the previous quarter.

Gross domestic product by quarter at reference year 2000 prices

The volume of exports contracted by 25.5 per cent and that of imports by 19.4 per cent year-on-year. In the first quarter, the volume of private consumption contracted by 3.7 per cent and investments decreased by 8.9 per cent from one year previously.

Volume refers to data adjusted for price changes. Volumes at reference year 2000 prices are expressed relative to the 2000 level at current prices (in EUR). Change percentages from the respective quarter of the year before (N/(N-4)) are calculated from working-day adjusted time series and change percentages from the previous quarter (N/(N-1)) from seasonally adjusted time series.

Source: National Accounts 2009, 1st quarter. Statistics Finland

Inquiries: Pasi Koikkalainen (09) 1734 3332, Samu Hakala (09) 1734 3756

Director in charge: Ari Tyrkkö

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Gross domestic product falls at an accelerating pace, all national accounts demand components are contracting (9.6.2009)

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Updated 9.6.2009

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 1st quarter 2009. Helsinki: Statistics Finland [referred: 20.6.2013].
Access method: http://tilastokeskus.fi/til/ntp/2009/01/ntp_2009_01_2009-06-09_tie_001_en.html.

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