Published: 9 July 2009

Gross domestic product grew by one per cent last year

According to Statistics Finland’s revised preliminary data, the volume of Finland’s GDP grew by 1.0 per cent in 2008. According to the initial preliminary data released in February, the growth amounted to 0.9 per cent. Gross domestic product, or the value added created in the production of the goods and services, amounted to EUR 185 billion last year.

Volume of output grew significantly only in the manufacture of electric machinery and trade. Output volume decreased most in financial intermediation and insurance activities.

Growth in output was mostly export-driven. The volume of exports grew by 7.3 per cent and that of imports by 7 per cent. In particular the export and import of services increased. The volume of consumption grew by 1.9 per cent and investments grew by 0.3 per cent.

Non-financial corporations’ operating surplus, or operating profit, decreased by 6.9 per cent on account of the recession which started in 2008 but investments continued to grow. Non-financial corporations’ financial surplus diminished to EUR 0.9 billion. General government still showed a surplus of nearly EUR 8.1 billion last year.

Households’ real income grew by 2 per cent on the average. Wage income went up by 6.8 per cent in nominal terms and social benefits by 4.8 per cent, whereas entrepreneurial income fell by 9.6 per cent. Households’ financial deficit stood at EUR 4.7 billion.

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

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

Source: National Accounts 1999–2008. Statistics Finland

Inquiries: Olli Savela (09) 1734 3316, Aila Heinonen (09) 1734 3338

Director in charge: Ari Tyrkkö

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Updated 9.7.2009

Referencing instructions:

Official Statistics of Finland (OSF): Annual national accounts [e-publication].
ISSN=1798-0623. 2008. Helsinki: Statistics Finland [referred: 22.3.2019].
Access method: http://www.stat.fi/til/vtp/2008/vtp_2008_2009-07-09_tie_001_en.html