The value of financial intermediation services indirectly
measured is calculated using a reference interest rate which is the
mean interest rate of producers of FISIM, or loans and deposits
between credit institutions. The reference interest rate is applied
to the data on interest flows and stocks by sector which are
obtained from credit institutions. Within sectors, FISIM are
divided among user industries pro rata to their total output. The
exports and imports of FISIM are calculated using an external
reference interest rate, which is the mean interest rate of loans
and deposits between domestic and foreign credit institutions.
Example 2: Calculation of FISIM for user sector xx
The allocation of financial intermediation services indirectly
measured also influences sector account interests (D41). The
interest received from user sectors (D41R) grows, because the FISIM
of deposits are added to the interest on deposits. The interests
paid by user sectors (D41K) diminish by the amount of the FISIM of
loans. Thus, the use of financial intermediation services
indirectly measured, in other words loan and deposits margins, move
from the sector accounts' property income and expenditure to
intermediate or final consumption, where the use of all other
services is also shown in national accounts.
In the producer sectors of FISIM, i.e. S.122 and S.123, the
impact on interests is reversed, that is, received interests
diminish and paid interests grow. The revision makes the interests
of sector accounts into theoretical ones complying with the
reference interest rate stock and "cleaned" of FISIM. The actual
interests received and paid are shown as notes to sector accounts,
detached from the accounting system.
In the sector rest of the world (S2) exports and imports go up
when financial intermediation services indirectly measured are
added to them. In addition, exports of FISIM from deposits (FISIM
of deposits made by customers from the rest of the world into
domestic credit institutions) are added to and imports of FISIM
relating to loans (FISIM of loans taken by domestic customers from
foreign credit institutions) are subtracted from received
interests. Imports of FISIM from deposits (FISIM of deposits made
by domestic customers into foreign credit institutions) are added
to and exports of FISIM relating to loans (FISIM of loans taken by
foreign customers from domestic credit institutions) are subtracted
from paid interests.
All descriptions of the methodological changes in the EU reform
process of national accounts can be found at:
Calculations according to the FNA2005 are here compared with the
figures published in July 2005 following the FNA2000. Then it
should be taken into account that financial intermediation services
indirectly measured (FISIM) were in these calculations divided
between user sectors from 1995 to 2004. In the new figures this
division was now made for the years 1975 to 1994 as well.
As concerns the year 2004, the changes were also influenced by
that the data sources used last summer were mainly preliminary. The
supply and use tables for the year 2003 were also compiled now for
the first time.
Gross domestic product
According to the FNA2005 calculations, Finland's gross domestic
product was 1.0 to 2.3 per cent higher in 1975 to 1993 than in the
previous calculations. In 1994 to 1998 the new gross domestic
product differs from the previous one by only -0.2 to +0.2 per
cent. The new gross domestic product for the years 1999 to 2004 is
1.1 to 2.5 per cent higher than the previous one. The difference
was at its biggest in 2001 (EUR +3.4 billion).
The upward change of GDP in 1975 to 1994 was mostly a
consequence of the division of FISIM. The change in the calculation
method of forestry also increased GDP in 1975 to 1993, but at most
only by half a per cent. From 1994 on the change in the calculation
method of forestry decreased GDP, at most by 0.2 per cent.
The upward revision of GDP in 1999 to 2004 was mainly a result
of the upward revision of exports of services. The supply and use
tables were balanced again. In this connection intermediate
consumption of different industries was revised. This has an effect
on value added by industry and GDP.
Volume development of gross domestic product
The quantitative development of GDP in different years also
altered slightly. The annual volume change of GDP was revised by
-0.8 ... +0.6 per cent expect in 2001, when the change was
exceptionally large: from growth of one per cent to 2.6 per cent,
that is, +1.6 percentage points. This was caused by the upward
revision of exports of services.
Transition to the changing base year has changed the growth
figures of GDP somewhat, because the relative shares of different
industries differ from before. Now they are more up-to-date and
give a more accurate image of the realised development.
Introduction of double deflation has also changed the growth
figures starting from 2001.
Similarly, adoption of performance volumes as volume indicators
of certain public services has changed the GDP growth figures from
2001 onwards, most in 2001 (-0.4 percentage points).
Changes in the calculation of agriculture have also had an
effect on the annual volume changes of GDP, at most half a
percentage point.
Demand components of national economy
The revisions made to exports of services increased exports
between 1999 and 2004 yearly by EUR 1.7 to 4.2 billion. The
relative growth of exports of services was 27 to 62 per cent. The
level of total exports (goods and services total) rose in those
years by 3 to 7.5 per cent due to the revision.
The level of final consumption expenditure grew from 1975 to
1994 yearly by 1.2 to 2.7 per cent. After that the level has not
changed essentially. The level of households' consumption
expenditure increased in those years by 1.3 to 3.2 per cent. The
reason for this was the division of FISIM to user sectors, which
was already calculated last July for years 1995-2004. The level of
public consumption expenditure went up by 0.5 to 2 per cent from
1975 to 1994. This was mainly caused by the division of FISIM and
the review of consumption of fixed capital.
The level of investments declined in 1975 to 2000 yearly by 0.4
to 1.2 per cent and in 2001 to 2002 by 1.8 to 2.8 per cent. The
main reason for this was the downward revision of investments in
computer software.
The primary reason for the revision of changes in inventories
was the inclusion of net growth of forests as changes in
inventories.
Employment and labour input
The number of employees and hours worked in the national economy
was revised downwards mainly in household services. The revision
was at its largest -8,000 persons in 2001.
The number of foreigners working in Finland and especially that
of Finns working abroad were revised. The number of Finns working
abroad was revised upwards at most by 10,000 persons.
Sector accounts
Financial position (net lending) of non-financial corporations
improved from 1975 to 1987, in 1999 and from 2001 on. In other
years the financial position weakened. Starting from 1999 the
improved financial position was influenced by the upward revision
of exports of services. The development of earlier years was
affected by that the production accounts of all industries were
divided between non-financial corporations and household sectors.
Earlier most of them were calculated only on the level of
non-financial corporations and households total and in the sector
accounts non-financial corporations were a kind of a residual
sector of the calculations.
The financial situation of households weakened correspondingly
from 1975 to 1988 and as a rule improved in later yeas. The
division of FISIM increased households' disposable income and
consumption expenditure from 1975 to 1994, when part of interests
were transferred to financial intermediation services indirectly
measured.
Net lending by central government and at the same time, by
general government weakened due to the changed recording of bank
support between 1993 to 1996 and in 1999. The effect was largest in
1995 when it was EUR 2.2 billion. The EMU deficit for 1995 in
relation to GDP grew from -3.9 to -6.2 per cent. In the other years
the effect was under EUR one billion and in EMU deficit at most
around one percentage point.
The financial position of financial corporations improved
likewise due to the changed recording of bank support. The
financial position of insurance corporations also improved,
particularly in 1999 and 2000 on account of the changed calculation
method and in 2001 as an error was corrected in dividend
expenditure. The total net lending of financial and insurance
corporations improved most in 1995 (EUR +2.4 billion).
The current external balance improved due to the revision in
exports of services by around EUR 2 to 4 billion from 1999 to 2004.
The current external balance for 2004 also improved due to new
information on property income and expenditure. Net lending from
the rest of the world in 2004 was now EUR 11.7 billion, while
previously it was EUR 6.3 billion.
Brief description of the compilation process
The compilation of national accounts is organised into some 30
activities by statistical topic, for example, by industry or
sector. The data are first calculated for these statistical topics
following the concepts and classifications of national accounts.
The used data sources are partly statistics on the topics to be
described (e.g. industrial statistics, financial accounts of the
State, insurance company statistics), and partly sources common to
several areas (e.g. Business Register, business structures
statistics, Labour Force Survey). The data on the statistical
topics form the basis for the summary description of the economy,
formation of total national accounts: the national balance of
supply and demand, supply and use tables, and sector accounts.
Further data sources used in the compilation of supply and use
tables include manufacturing commodity statistics, foreign trade
statistics and taxation data. The data sources for national
accounts cover the majority of the statistics produced by
Statistics Finland and a wide array of material supplied by data
producers outside Statistics Finland.
A preliminary national balance of supply and demand compiled
from statistical topics is needed before the compilation of supply
and use tables. In the national balance of supply and demand the
data calculated by statistical topic are compiled according to the
three main approaches used for calculating GDP: production,
expenditure and income approaches. The supply and demand of goods
and services and the income components of gross domestic product
are presented in the national balance of supply and demand.
As their names imply, supply and use tables examine the supply
and use of products. To this aim, data by industry on output and
intermediate products are divided between products and statistics
on industrial and foreign trade products are utilised. Data on
taxes on products and trade and transport margins are essential in
the compilation of supply and use tables, that is, in the price
formation process. The underlying principle in the compilation of
supply and use tables is systematic treatment of the flow of
products from supply to use. In order to obtain a balance between
supply and demand, the source estimates calculated on the basis of
the source materials must be altered, the data in the source
materials must be amended and the correct data for the whole have
to be searched by combining several data sources. The compilation
of the tables produces a balanced product account, which at the
same time constitutes the national balance of demand and supply,
and in which supply equals use so that no statistical discrepancy
appears.
Sector accounts describe partly the same transactions as the
national balance of supply and demand and supply and use tables,
but they are presented from the perspective of the sector, for
example, output by sector. Income and use of income and capital
formation and its financing are described by sector to find out the
financial position (net lending and net borrowing) of each
sector.
When calculating data by statistical topic, the correctness of
the data is viewed in several different ways. Different data
describing the same topic are compared to ensure exhaustiveness and
correctness of annual changes. For several accounting variables, or
transactions, the data are calculated both at the nominal prices of
the reference time and at the prices of the previous year. This
enables comparisons of value, volume and price changes between
different points of time. In that case, the equation: value change
= volume change x price change (1+ Δv = (1+ Δq) x (1+
Δp) ), holds true. Change in the productivity of labour is
measured by the ratio between volume change in the value added of
an industry and change in labour output, and the development of the
earnings level of an industry calculated by the ratio between wages
and employees or changes in labour input.
On sector accounts the equality of income and expenditure
calculated by sector is checked on the level of total national
accounts. The derived income and capital transfers are equal to the
corresponding transfers paid. Sector accounts are adjusted to the
data of the national balance of supply and demand: the common
transactions of the national balance of supply and demand and
sector accounts, such as final consumption expenditure or capital
formation, must be of equal size.
The key parameters of sector accounts include savings ratio and
net lending. Savings ratio, or the proportion of savings in
disposable income, is particularly interesting for the household
sector, while net lending describing the financial position of a
sector is especially significant for general government.
The data at constant prices are calculated using the prices of
the previous year and they are given in this publication at the
prices of the reference year 2000. Constant-price calculations 2001
to 2003 are based on supply and use tables by product.
The calculation of preliminary data for 2004 is mainly based on
data on the industry and statistical topic level, no preliminary
supply and use tables have been compiled. For this reason,
preliminary figures also show statistical discrepancy between
demand and supply at current prices.
The data sources and calculation methods of national accounts
are depicted in the methodological description on the compilation
process of Finland's gross domestic product in accordance with
ESA95, which is accessible on Statistics Finland's website at:
The methodological description can be found in English on
Eurostat's public CIRCA pages.
Classifications
Product classification
The final figures are calculated using a classification
comprising 952 products. The classification is based on the
Classification of Products by Activity (CPA) of the European
Union.
Industrial classification
Data by industry are published separately at the character level
irrespective of size (e.g. B, P). The publication also makes use of
the multi-character numerical level, where necessary. The
classification is based on the TOL2002 and NACE 2002
classifications.
Classification of producer types
Market producers
Producers for own final use
Other non-market producers
In this publication data are only presented at the producer
types total level with the exception of those in Table 2.5
Productivity of labour by industry, where data describe only the
productivity of market producers and producers for own final
use.
Classification of investment goods
The main product types are published by sector. On the industry
level the publication contains the total investments of the
industry at current and constant prices.
Classification of sectors
The institutional sector is defined on the basis of
decision-making units. Each institutional sector is divided further
into industries determined on the basis of establishments.
The classifications can be found in more detail at the end of
Section 6.
Main aggregates
GDP, gross domestic product at market prices is
the final result of the production activity of resident producer
units. It can be defined in three ways: as the sum of gross value
added of the various institutional sectors or the various
industries plus taxes and less subsidies on products; as the sum of
final uses of goods and services by resident institutional units
(consumption and gross capital formation, plus exports and minus
imports); as the sum of incomes (compensation of employees, taxes
on production and imports less subsidies, gross operating surplus
and gross mixed income). (ESA 8.89)
By deducting the consumption of fixed capital from the gross
domestic product, we obtain the net domestic product at
market prices, NDP. (ESA 8.90.)
Value added(gross) refers to the value
generated by any unit engaged in a production activity. In market
production it is calculated by deducting from the unit's output the
intermediates (goods and services) used in the production process
and in non-market production by adding up the compensation of
employees, consumption of fixed capital and possible taxes on
production and imports. (ESA 8.11.)
GNI, gross national income represents total
primary income receivable by resident institutional units:
compensation of employees, taxes on production and imports less
subsidies, gross operating surplus or gross mixed income and
property income. It equals GDP minus primary income payable by
resident units to non-resident units plus primary income receivable
by resident units from the rest of the world. National income is an
income concept, which is more significant if expressed in net
terms, i.e. after deduction of the consumption of fixed capital.
(ESA 8.94.)
Primary income is the income which resident
units receive by virtue of their direct participation in the
production process, and the income receivable by the owner of a
financial asset or other such assets in return for providing funds
to another unit. The income can contain compensation of employees,
taxes on production and imports less subsidies, operating surplus
or mixed income and property income. (ESA 8.22.)
Operating surplus, net is obtained when the
compensation of employees and othertaxes less subsidies on
production and consumption of fixed capital are deducted from the
value added. It is the surplus or deficit on production activities
before interest, rents or charges and corresponds to the income
which the units obtain from their own use of their production
facilities. (ESA 8.18.)
Mixed income represents the balancing item of
unincorporated enterprises in the households sector corresponding
to remuneration for work carried out by the owner or members of his
family including profits gained as entrepreneur. (ESA 8.19.)
Final consumption expenditur
Gross domestic product grew by 3.6 per cent last
year
14.7.2005
According to Statistics Finland's revised preliminary data, the
volume of Finland's GDP grew by 3.6 per cent last year. The initial
preliminary data published in February put the rate of growth at
3.7 per cent. The growth of GDP accelerated last year from the more
modest figures of the three previous years Last year's GDP was EUR
150 billion.
Faster growth of manufacturing
The volume of primary production contracted by 1.7 per cent last
year from the previous year. Agricultural output declined by 2.8
per cent especially because crops suffered from the poor weather
conditions. In forestry, production contracted by just under one
per cent.
In the industries of secondary production, output grew faster
last year and was nearly five per cent higher than in the year
before. The volume of value added in manufacturing grew by 5.9 per
cent. In the wood and paper industry, output went up by 5.4 per
cent. Output in the metal industry increased by 7.8 per cent, as
the manufacture of electronic and electrical products grew by over
13 per cent. By contrast, the manufacture of transport equipment
declined by close on 11 per cent.
The volume of value added in building construction went up by
three per cent. Residential building increased by nine per cent,
whereas other building construction decreased slightly. Output in
civil engineering went up by 1.5 per cent.
Output increased by 4.2 per cent in private services and by 0.5
per cent in public services last year. Trade went up by nearly
seven per cent. Hotel and restaurant activities remained on level
with the year before.
The volume of transport and communications grew by 5.4 pr cent
last year, with nearly 11 per cent growth in telecommunications.
The growth in other services was more moderate. Financial
intermediation and insurance activities increased by 1.7 per cent
and business activities by 2.5 per cent. Educational services
increased by one per cent, and health and social services by two
per cent.
Demand for investments grew
Demand was supported last year by investments which grew by five
per cent having contracted for two years prior this. Big increases
were recorded in investments in machinery, equipment and transport
equipment, around eight per cent, and residential buildings, 7.4
per cent. Private investments increased by 5.6 per cent but public
investments by only 2.1 per cent. The rate of investment in the
national economy went up slightly and was 18.8 per cent.
Investments went up especially in transport, but manufacturing also
increased its investments.
Private final consumption expenditure increased by 3.2 per
econsists of expenditure incurred by resident institutional units
on goods or services that are used for the direct satisfaction of
individual needs or wants, or the collective needs of members of
the community. Final consumption expenditure may take place on the
domestic territory or abroad. Final consumption expenditure is
incurred by households, non-profit institutions serving households
and general government. Non-financial corporations, financial and
insurance corporations do not have final consumption expenditure.
(ESA 3.74.-3.80.)
Actual final consumption consists of goods or
services that are acquired by the institutional units mentioned
directly above for the direct satisfaction of human needs, whether
individual or collective. Some of the goods and services may be
provided as social transfers in kind.
Actual final consumption of households comprises goods and
services acquired by households themselves and goods and services
obtained from non-profit institutions or general government as
social transfers in kind. The latter includes health, educational
and social services.
Actual final consumption of general government comprises
collective services provided by general government for all members
of a community or of a certain group. Examples of these are general
administration, national defence and environmental protection. (ESA
3.81.-3.88.)
Gross fixed capital formation consists of
resident producers' acquisitions, less disposals, of fixed assets.
Fixed assets are tangible or intangible assets produced as outputs
from processes of production that are themselves used repeatedly,
or continuously, in processes of production for more than one year.
(ESA 3.102.)
Changes in inventories are measured by the
value of the entries into inventories less the value of withdrawals
and the value of any recurrent losses of goods held in inventories.
The inventories may consist of materials and supplies,
work-in-progress, finished goods and goods for resale. (ESA
3.117.-3.119.)
Exports of goods and services consist of
transactions in goods and services (sales, barter, gifts or grants)
from residents to non-residents. (ESA 3.128.)
Imports of goods and services consist of
transactions in goods and services (purchases, barter, gifts or
grants) from non-residents to residents. (ESA 3.129.)
Disposable income is the balancing item of the
current income in the secondary distribution of income account. It
is obtained for each sector by adding current transfers receivable
to primary income and by deducting all current transfers payable.
It can be used for consumption or saving. (ESA 8.31.)
Adjusted disposable income is a corresponding item in the
redistribution of income in kind account.
Saving is the balancing item in the use of
income accounts. It is the positive or negative amount resulting
from current transactions which establishes the link with
accumulation. If saving is positive, non-spent income is used for
the acquisition of assets or for paying off liabilities. If saving
is negative, certain assets are liquidated or certain liabilities
increase. (ESA 8.42.-8.43.)
Net lending/borrowing corresponds to the amount
available to a unit or sector for financing, directly or
indirectly, other units or sectors, or a net borrowing
corresponding to the amount which a unit or sector is obliged to
borrow from other units or sectors. (ESA 8.47.)
Sources:
European System of Accounts ESA 1995, Eurostat, 1997
System of National Accounts 1993, UN, OECD, EU, IMF, World Bank,
1993
Council Regulation (EC) No 2223/96 on the European system of
national and regional accounts in the Community.
Council Regulation (EC) No 448/98 on the European system of
national and regional accounts in the Community.
Kansantalouden tilinpito 1975-1998, Aikasarjat, SKT95 uudistus
(National Accounts, Time series, FNA95 revision), OSF National
Accounts 2000:1</<?xml version="1.0"
encoding="ISO-8859-1"?>
In the 2nd quarter of 2005, 115,000 Estonian residents were sent
to foreign tours by Estonian travel agencies and tour operators.
The average length of a trip was 5.6 nights per tourist.
In the 2nd quarter of 2005, 276 tourist enterprises rendered
tourist services. This is 29 travel agencies and tour operators
more than in the 2nd quarter of 2004. 214 travel agencies and tour
operators were engaged in receiving foreign visitors and sending
Estonian residents to foreign tours.
The income from the sales of tourist services amounted to 1.1
billion EEK (€ 70.2 mn).
In the 2nd quarter of 2005, Estonian travel agencies and tour
operators received 693,508 foreign visitors. Out of that 73% came
from Finland. 423,056 or 61% of the received foreign visitors
stayed in Estonia for only one day, 73% of the same-day visitors
came from Finland. In the 2nd quarter of 2005, Estonian travel
agencies and tour operators received 270,452 tourists. 55% of
tourists came from Finland.
Estonian residents use the help of tourist enterprises to
organise their trips. In the 2nd quarter of 2005, the number of
Estonian residents gone to foreign tours totalled 114,996. 36% of
those sent to tours visited neighbouring countries: Finland
(14.6%), Sweden, Latvia and Russia. Spain (6%), Turkey (6%) and
Egypt (5%) were preferred by tourists. These countries were visited
more frequently. Estonian residents also travelled to more far-away
countries, such as the United States of America, Thailand,
Indonesia, etc. The average length of a trip was 5.6 nights per
tourist. Source: Estonian Statistics 8/2005
In August 2005 compared to August of the previous year, the
retail sales in retail trade enterprises increased by 13% in
constant prices, of which by 16% in retail trade enterprises
selling mostly industrial goods.
In August the retail trade enterprises sold goods by retail for
3.2 billion EEK. Compared to August 2004, the retail sales of
retail trade enterprises selling mostly food increased by 10%, the
retail sales of retail trade enterprises selling mostly industrial
goods by 16%. Over 20% grew the retail sales in the retail trade
enterprises of industrial goods in non-specialised stores (23%), in
the retail trade enterprises of textiles, clothing and footwear in
specialised stores (29%) and in the retail trade enterprises of
household goods and appliances, hardware and building materials in
specialised stores (28%). The biggest annual decrease of the retail
sales was in the retail trade enterprises of food, beverages and
tobacco in specialised stores (23%). Compared to the previous month
the retail sales as a whole stayed at the same volume. The retail
sales of retail trade enterprises selling mostly industrial goods
increased by 5%, the retail sales of retail trade enterprises
selling mostly food decreased by 5%.
The net sales of retail trade enterprises was 3.95 billion EEK.
Compared to August 2004, the growth in current prices was 17%,
compared to the previous month the net sales stayed at the same
volume.
The net sales of motor trade enterprises was 2.6 billion EEK,
41% more than a year ago. Compared to August 2004 the net sales of
the enterprises of retail sale of automotive fuel increased by 38%,
in the enterprises of sale, maintenance and repair of motor
vehicles by 42%. The net sales was influenced by the increase in
the prices of motor fuel by 20% and by the decrease in the prices
of motor vehicles by 8%. Compared to the previous month the net
sales of motor trade enterprises stayed at the same volume. Source:
SOE, September 30, 2005
On 1 August 2005, the total revenue of the state budget was 31.8
billion EEK, which accounted for 60% of the planned annual amount.
The expenditure of the state budget in the seven months of 2005
made up 28.6 billion EEK, which accounted for 52% of the planned
annual amount. The bulk of income was received from social security
contributions (10.3 billion EEK), value added tax - VAT (7.9
billion EEK), excise duty (4.1 billion EEK) and income tax (3.2
billion EEK).
The total revenue of local budgets in the seven months of 2005
was 8.2 billion EEK. The total expenditure of local budgets was 8.3
billion EEK. Source: Estonian Statistics 8/2005
The growth trend of industrial production continued in
August
In August 2005 compared to July the industrial production in
Estonia decreased but increased compared to August of the previous
year.
In August 2005 compared to July, the seasonally adjusted
industrial production in Estonia decreased 4%.
Compared to August 2004, the industrial production grew 6% in
industry as a whole and 7% in manufacturing. The growth in
manufacturing production was mainly influenced by the increase in
the manufacture of food, wood, and metal products. Source: SOE,
September 30, 2005
In July 2005 the industrial production in Estonia increased
compared to June as well as to July of the previous year. In July
2005 compared to July 2004, the industrial production grew 11.1% in
industry as a whole and 10.3% in manufacturing.
The production grew mainly due to the increase in the
manufacture of intermediate goods. The production of that
industrial grouping which accounts for 38% of the total production,
increased 10% compared to July 2004. The growth was caused by the
manufacture of chemical and wood products and building materials.
The manufacture of intermediate goods also includes the manufacture
of textiles, paper, plastic products and the manufacture of metals.
Source: Statistical Office of Estonia, Estonian Statistics
8/2005
According to preliminary calculations, in the 2nd quarter of
2005 the gross domestic product (GDP) was 9.9% larger than in the
2nd quarter of 2004.
The GDP at current prices was 42.7 billion EEK and at constant
2000 prices it was 34.3 billion EEK. The reason for the economic
growth was more rapid growth of exports of goods compared to the
imports. By economic activities, the growth of GDP was mainly
influenced by manufacturing, wholesale and retail trade, transport,
storage and communication, real estate, renting and business
activities. The total share of these activities accounted for 62.3%
of the value added total.
By economic activities, in the 2nd quarter of 2005 compared to
the 2nd quarter of the previous year, the value added at constant
prices increased most in financial intermediation (33.7%), followed
by hotels and restaurants, construction, manufacturing and
wholesale and retail trade. The value added decreased most in
agriculture, hunting and forestry. The increase of value added in
financial intermediation was mainly influenced by the output of
financial intermediation services indirectly measured (FISIM) in
which the movement of constant prices is related with weighted
average interest rate margins of loans and deposits in the base
period (the year 2000).
The share of the exports of goods and services in GDP calculated
by expenditure approach at current prices increased compared to the
2nd quarter of the previous year (from 75.4% to 79.6% of GDP).
Because of the high level of imports of goods in the 2nd quarter of
2004, the share of the imports of goods and services decreased from
87.6% to 83.5% of GDP. As a result, the ratio of the domestic
demand to GDP decreased from 107.4% to 100.1%. Calculations of GDP
at constant prices showed an increase for the private consumption
expenditure (6.7%), the general government final consumption
expenditure (5.7%) and gross fixed capital formation (7.9%), which
caused the increase in domestic demand by 5.1%. The lower increase
of gross fixed capital formation has been caused by the high volume
in the 2nd quarter of 2004 when a large scale of capital rent
contracts were made by railway transport enterprises. The exports
of goods and services increased substantially (18.2%), while the
imports increased only 6.8%. The exports of goods increased more
rapidly than imports (24.4% and 6.8%, respectively). But the
imports of services increased faster than exports (7
Industrial producers' prices up by 1% in September
In terms of y-o-y comparison, prices of industrial producers,
construction work and market services were higher by 1.0%, 2.5% and
2.8%, respectively. The agricultural producer prices were lower by
6.7%, of which crop product prices fell by 15.6%.
Prices of industrial producers, construction work and market
services grew by 0.2%, 0.3% and 0.8% month-on-month, respectively.
Prices of agricultural producers were unchanged. Source: CZSO,
October 14, 2005
The consumer price level dropped month-on-month by -0.3% in
September. The m-o-m development of consumer prices was influenced,
like in the preceding years, by a seasonal increase in prices of
recreational stays abroad and domestic recreational stays; it was
partly compensated for by a marked rise in automotive fuel prices.
In terms of year-on-year comparison, consumer prices accelerated
the increase to +2.2% in September 2005 from +1.7% in August.
Source: CZSO, October 10, 2005
Growth of construction output driven by civil engineering in
August
In August 2005, seasonally adjusted construction output at
constant prices was 2.1% up month-on-month. Total construction
output at constant prices increased 6.7 % year-on-year. The
planning and building control authorities permitted 4,166 dwellings
to be constructed (an increase of 533 dwellings year-on-year).
Source: CZSO, October 10, 2005
Confidence of entrepreneurs increased in September
The composite confidence indicator balance increased in
September 2005 by 2 points month-on-month. The business confidence
indicator balance increased by 2 points too. The consumer
confidence indicator balance did not change. In comparison to
September 2004, the composite confidence indicator balance was by 1
point higher; the business confidence indicator balance was by 1
point lower and the consumer confidence indicator balance was by 10
points higher. Source: CZSO, September 27, 2005
In August the value trade with non EU countries increased
According to preliminary data, the value of Estonia's foreign
trade with non European Union countries by special trade system in
August 2004 was 3.8 billion kroons (in July 3.6 billion kroons), of
which exports was 1.4 billion kroons (37%) and imports was 2.4
billion kroons (63%). The trade deficit was 1 billion kroons.
Compared to July 2004, exports increased 7%. Normal exportation
(excludes re-exportation after inward processing and exportation
for processing) increased 2% and exports after inward processing in
Estonia increased 38%. In August 2004 compared to August 2003,
exports increased 40%.
Compared to the previous month, there was an increase mainly in
the exports of transport equipment (by 92 million kroons),
machinery and equipment (by 67 million kroons) and miscellaneous
manufactured articles (by 14 million kroons). At the same time,
there was a decrease in the exports of wood and products thereof
(by 28 million kroons), mineral products (by 25 million kroons) and
of raw materials and products of chemical industry (by 24 million
kroons).
Month-on-month, imports increased 5%. Imports for home use
increased 5%, but imports for inward processing decreased 4%.
Imports increased 44% in August 2004 compared to August 2003.
On a monthly basis, there was an increase mainly in the imports
of machinery and equipment (by 76 million kroons), agricultural
products and food preparations (by 36 million kroons) and of wood
and products thereof (by 13 million kroons). Only the imports of
transport equipment decreased remarkably (by 35 million kroons).
Source: Statistical Office of Estonia, October 7, 2004
According to the seasonally adjusted series of the Monthly
Indicator of GDP calculated by Statistics Finland, the volume of
GDP grew by 0.3% in July from the previous month. The trend of GDP
also indicates growth for July.
The volume of GDP rose by 3.2% in July 2004 compared with last
year's July. Of the main industries of the monthly indicator,
manufacturing, construction, trade, transport and other services
grew. In contrast, primary production fell. In July the number of
working days was one lower than in the previous year's July.
Industrial output went up by 5% from July 2003. The manufacture
of electronic and electrical equipment grew by 20% and the output
volume of the whole metal industry by close on 7%. Output in the
wood and paper industry increased by 7% and energy supply by 12%.
Other manufacturing decreased by nearly 1%.
Sale volumes of trade increased by 5% from July 2003. Wholesale
and retail trade both accelerated by 6%. Sales of motor vehicles
declined by 1%.
The volume of primary production fell by 10% from July 2003. The
volume of fellings decreased by 21%. Meat production went down by
6% and milk production by 1%.
Transport accelerated by 4%. Construction grew by 2.5%. Output
in other service industries was nearly 3% higher than in last
year's July. Source: Statistics Finland, September 22, 2004
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