Published: 30 January 2015

Gross domestic product fell by 1.3 per cent in 2013

According to Statistics Finland’s revised preliminary data, the volume of Finland’s gross domestic product fell by 1.3 per cent in 2013, while previously the decrease was estimated to be 1.2 per cent. The 2012 national accounts were also revised: gross domestic product decreased by 1.4 per cent instead of the previously estimated 1.5 per cent as a result of balancing the supply and demand of the national economy.

In 2013, output was primarily reduced by a decrease in exports and investments. The volume of exports shrunk by 0.7 per cent and that of imports by 1.6 per cent. The volume of investments decreased by 5.3 per cent. Consumption expenditure also decreased slightly, by 0.2 per cent in terms of volume.

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

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

Households’ disposable real income diminished by 0.3 per cent in 2013. Households' adjusted real income describing their economic well-being also contracted by 0.3 per cent. Besides net income, it also includes welfare services, such as educational, health and social services that general government and organisations produce for households. In 2013, households' saving rate grew to 1.8 per cent, i.e. households spent a little less than they earned.

The biggest revisions in the national accounts were made in transactions between Finland and foreign countries and in general government data. New data were obtained on imports and exports of services and goods, as well as on international property income and expenditure. The deficit of general government was revised to 2.5 per cent of gross domestic product in 2013.

A few minor revisions were made in the time series. Interest income received from the European Central Bank related to the allocation of euro notes within the Eurosystem was added to foreign interests. This also revised the national income. Imputed property income recorded on dwellings owned abroad was transferred inside property income from one sub-item to another. Households' indebtedness ratio was changed because households’ loan debt was revised.

Preliminary data for the year 2014 will be released on 2 March 2015.

National Accounts 2004 to 2013*, tables, PDF


Source: National Accounts, Statistics Finland

Inquiries: Olli Savela 029 551 3316, Markku Räty 029 551 2647, kansantalous@stat.fi

Director in charge: Leena Storgårds

Publication in pdf-format (250.5 kB)

Tables

Tables in databases

Appendix tables

Revisions in these statistics

Updated 30.1.2015

Referencing instructions:

Official Statistics of Finland (OSF): Annual national accounts [e-publication].
ISSN=1798-0623. 2013. Helsinki: Statistics Finland [referred: 22.8.2019].
Access method: http://www.stat.fi/til/vtp/2013/vtp_2013_2015-01-30_tie_001_en.html