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Published: 17 December 2021

Gross domestic product fell by 2.8 per cent in 2020

According to Statistics Finland’s revised preliminary data, the volume of Finland’s gross domestic product fell by 2.8 per cent in 2020 (was 2.9 per cent in the September release). The effects of the corona crisis varied between industries. Some of the largest declines concerned accommodation and food services activities and transportation. In the preliminary data for December, figures have become revised mainly as concerns the data on general government finances. A more extensive update to the 2020 data will be made on 28 February 2022, when the final enterprise data will be included.

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

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

In 2019, gross domestic product grew by 1.2 per cent (1.3 per cent in the previous calculation round). The data released for 2019 are now final as the supply and use tables have been completed. Input-output data for 2019 will be released on 20 January 2022.

The financial position of local government was almost balanced in 2020

In 2020, the financial position of local government (municipalities and joint municipal authorities, etc.) was almost balanced after a long time, showing a deficit of only EUR 156 million. In 2019, net lending was EUR 3.0 billion in deficit.

Central government contributed to the costs of the corona pandemic in local government and the deficit of local government improved as central government transfers to local government grew. The deficit of central government was EUR 13.1 billion in 2020 and EUR 2.6 billion in 2019. The deficit of general government totalled EUR 13.2 billion in 2020.

Data on local government's net lending for 2020 became slightly revised downwards (EUR 46 million in surplus in September). The data on local government became revised when the data on municipalities' and joint municipal authorities' operational economy and investments by function became available.

The data for 2020 will be released in February with detailed industry classification accuracy, when revised annual data from enterprises are available as sources.

Revised annual data on national accounts for the statistical reference year 2020 will be released on 28 February 2022. Before the February release, indicator-based data that more reliably describe output than intermediate consumption are used for one-third of enterprise data for 2020.

Two-thirds of enterprises’ value added has been calculated using preliminary data on enterprises’ annual data.

The data used for calculating investments will also become revised in February. Industry-specific data based on supplemented enterprise data for 2020 will be released on 28 February 2022.

At the same time, quarterly national accounts will be benchmarked to the new annual data for 2020.

European revision policy

Starting from 2019, the preliminary annual release dates of national accounts have been scheduled for March, June, September and December in accordance with the recommendations of the harmonised European revision policy. Preliminary annual data are thus updated in every quarter and they are coherent with the quarterly national accounts and balance of payments data, at a lag of around 80 days from the quarter. Quarterly national accounts (QNA) are first published at a lag of 60 days and benchmarked to other data at a lag of 80 days.


Source: National Accounts 2020, Fourth preliminary data. Statistics Finland

Inquiries: Tapio Kuusisto 029 551 3318, Nata Kivari 029 551 3361, kansantalous@stat.fi

Head of Department in charge: Katri Kaaja

Publication in pdf-format (280.8 kB)

Tables

Tables in databases

Appendix tables

Revisions in these statistics

Updated 17.12.2021

Referencing instructions:

Official Statistics of Finland (OSF): Annual national accounts [e-publication].
ISSN=1798-0623. 2020. Helsinki: Statistics Finland [referred: 7.12.2022].
Access method: http://www.stat.fi/til/vtp/2020/vtp_2020_2021-12-17_tie_001_en.html