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Published: 28 February 2020

GDP contracted in the last quarter of 2019

According to Statistics Finland's preliminary data, the volume 1) of Finland’s gross domestic product decreased in October to December by 0.7 per cent from the previous quarter. Compared with the last quarter of 2018, GDP adjusted for working days grew by 0.4 per cent.

The volume of GDP grew by 1.0 per cent in the whole of 2019. The biggest growth figures were recorded in the second and third quarters.

Gross domestic product by quarter at reference year 2010 prices, EUR billion

Gross domestic product by quarter at reference year 2010 prices, EUR billion

According to revised data, GDP grew in the third quarter of 2019 by 0.4 per cent from the previous quarter (was 0.7%) and by 1.9 per cent from twelve months back (was 2.2%).

The volume of exports grew by 8.2 per cent and that of imports decreased by 0.7 per cent in October to December year-on-year. Gross fixed capital formation, or investments, fell by 3.1 per cent. Private consumption grew by 1.5 per cent but government consumption expenditure declined by 1.9 per cent from one year back.

1) Volume refers to data from which the effects of price changes have been eliminated. Volumes at reference year 2010 prices are expressed relative to the 2010 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.

Source: National Accounts 2019, 4th quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Antti Kosunen 029 551 3613,

Director in charge: Jan Nokkala

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Revisions in these statistics

Updated 28.2.2020

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 4th quarter 2019. Helsinki: Statistics Finland [referred: 9.2.2023].
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