Published: 31 January 2017

Gross domestic product grew by 0.3 per cent in 2015

According to Statistics Finland’s revised preliminary data, the volume of Finland’s gross domestic product grew by 0.3 per cent in 2015, while previously the growth was estimated to be 0.2 per cent. The 2014 national accounts were also revised: gross domestic product decreased by 0.6 per cent instead of the previously estimated 0.7 per cent as a result of balancing the supply and demand of the national economy.

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

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

Output was boosted by growth in private consumption and investments. The volume of private consumption went up by 1.5 per cent and that of private investments by 2.6 per cent. The volume of imports increased by 3.1 per cent and the volume of exports by two per cent in 2015.

Households’ disposable real income grew by 1.1 per cent in 2015. Households' adjusted real income describing their economic well-being increased by one 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.

Households' consumption expenditure grew by two per cent in nominal terms in 2015 and by1.6 per cent in volume. In 2015, households' saving rate was 0.1 per cent, i.e. households spent almost everything they earned. Households' rate of indebtedness was 124.5 per cent in 2015.

The share of compensation of employees in national income was 59.8 per cent in 2015 and the share of property and entrepreneurial income was 24.5 per cent.

The biggest revisions in the national accounts were made in transactions between Finland and foreign countries. In addition to exports and imports, new data were received particularly on international property income and expenditure. Both dividends received from abroad and paid abroad grew significantly. The current account improved considerably but was still EUR 1.5 billion in deficit.

The deficit of general government was revised to 2.7 per cent of gross domestic product in 2015.

The recording of factoryless goods production was changed in the National Accounts. The margin of factoryless goods production or net sales from abroad to abroad is now recorded as goods exports instead of service exports (see Section: Changes in these statistics).

Preliminary data for the year 2016 will be released in two parts. Preliminary data concerning gross domestic product, income formation of sectors and the supply and demand of the national economy will be released on 1 March 2017 as part of the quarterly accounts of the fourth quarter of 2016. Preliminary data concerning sector accounts will be released on 16 March 2017. At this time, preliminary data released on 1 March 2017 may become slightly revised.


Source: National Accounts 2005 - 2015*, Statistics Finland

Inquiries: Olli Savela 029 551 3316, Tuomas Rothovius 029 551 3360, kansantalous@stat.fi

Director in charge: Ville Vertanen

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Tables

Tables in databases

Appendix tables

Revisions in these statistics

Updated 31.1.2017

Referencing instructions:

Official Statistics of Finland (OSF): Annual national accounts [e-publication].
ISSN=1798-0623. 2015. Helsinki: Statistics Finland [referred: 26.8.2019].
Access method: http://www.stat.fi/til/vtp/2015/vtp_2015_2017-01-31_tie_001_en.html