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Published: 28 February 2022

Gross domestic product fell by 2.3 per cent in 2020

According to Statistics Finland’s revised data, the volume of Finland’s GDP fell by 2.3 per cent in 2020. According to the preliminary data released in December, the fall was 2.8 per cent. The upwards revision of GDP was due to new data on construction, transport, and accommodation and food service activities, for example.

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

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

Revision of data

Gross domestic product, or value added created in the production of goods and services, amounted to EUR 238 billion in 2020. The volume of value added was revised upwards by slightly over EUR one billion from the previous round.

The revision of GDP was partly explained by the upwards revision of volume data in the construction industry by EUR 0.5 billion from the previous calculation round. The new data on construction are clearly more accurate than those used in the preliminary data. According to the revised data, the current-priced value added of the construction industry grew by 3.3 per cent in 2020. The volume of construction went down by 0.7 per cent.

As a result of COVID-19, value added in transport and accommodation and food service activities remained at an exceptionally low level in 2020. The current-priced value added of transportation and storage decreased by 19 per cent and the volume of value added by 23 per cent. In 2020, the volume of accommodation and food service activities decreased by 29 per cent. Value added in these industries was also revised slightly upwards in the revised calculation, in total by around EUR 0.4 billion.

Supply

Value added in services fell clearly – manufacturing also contracted from the year before

The value added of the whole economy at current prices fell by 0.6 per cent and volume by 2.4 per cent in 2020. COVID-19 had a particular effect on the demand for services in 2020. The variation between service industries was large. The fall was biggest in transport, accommodation and food service activities, and arts, entertainment and recreation.

Among manufacturing industries, the electronic and electrical industry grew clearly in 2020. Overall, value added at current prices in manufacturing declined by 1.8 per cent from the year before.

The decrease in felled volumes led to a drop in the value added of forestry in the industries of forestry and logging. However, value added in net growth of forests rose.

Demand

Households' consumption expenditure fell clearly

Households’ consumption expenditure shows exceptionally large variations by consumption category in 2020. The consumption expenditure of resident households in the rest of the world and that of non-resident households in Finland remained on an unusually low level.

In addition, exceptional decreases were seen in the consumption expenditure of culture and recreation and clothing, for example. Consumption expenditure on transport was also falling heavily, as was consumption expenditure on accommodation and food service activities.

Growth in private consumption was visible especially in food, alcoholic beverages, and domestic appliances and furniture.

Wages and salaries sum of the whole economy and number of employed persons fell

The wages and salaries sum of the whole economy fell by 0.3 per cent in 2020.The number of employed persons went down by 1.9 per cent and that of hours worked by 2.5 per cent from one year back.

The development of the wages and salaries sum and employed persons varied greatly by industry. As regards wages and salaries, transport industries and accommodation and food service activities were the biggest industries affected by the corona pandemic. In addition to the above industries, industries where employed persons and working hours fell strongly also included gambling and betting activities, travel agencies and employment activities.


Source: National Accounts 2020, revised data. Statistics Finland

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

Head of Department in charge: Katri Kaaja

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Revisions in these statistics

Updated 28.2.2022

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_2022-02-28_tie_001_en.html