Finland’s gross domestic product expanded 0.2% quarter-on-quarter in the Q1 of 2023, revised lower compared to initial estimates of a 1.1% rise and recovering from a 0.6% contraction in the previous period. The growth was driven mainly by the rebound in private consumption (0.1% vs -0.8% in the previous quarter) and government spending (3.1% vs -0.3%). Meanwhile, fixed investments declined further (-3% vs -2.6%), due to the decrease in both public and private investments. On net trade, imports fell 2.7% (vs -2.3%), while exports dropped at a softer 0.1% (vs -2.2%). On a yearly basis, the economy shrank 0.4%, the first contraction since the Q1 of 2021. source: Statistics Finland

GDP Growth Rate in Finland averaged 0.50 percent from 1975 until 2023, reaching an all time high of 5.00 percent in the third quarter of 1980 and a record low of -6.50 percent in the first quarter of 2009. This page provides - Finland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Finland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

GDP Growth Rate in Finland is expected to be 0.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Finland GDP Growth Rate is projected to trend around 0.30 percent in 2024, according to our econometric models.

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Finland GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-05-16 05:00 AM QoQ Prel Q1 1.1% -0.4% 0.4%
2023-05-31 05:00 AM QoQ Final Q1 0.2% -0.6% 1.1%
2023-08-16 05:00 AM QoQ Prel Q2 0.2% 0%


Related Last Previous Unit Reference
GDP Growth Rate 0.20 -0.60 percent Mar 2023
GDP Annual Growth Rate -0.40 0.10 percent Mar 2023
GDP Constant Prices 58794.00 58698.00 EUR Million Mar 2023
Gross National Product 58924.00 58411.00 EUR Million Mar 2023
Gross Fixed Capital Formation 13056.00 13458.00 EUR Million Mar 2023
Full Year GDP Growth 2.00 3.00 percent Dec 2022
GDP from Utilities 1516.00 1484.00 EUR Million Mar 2023
GDP from Transport 1797.00 1817.00 EUR Million Mar 2023
GDP from Services 36723.00 36656.00 EUR Million Mar 2023
GDP from Public Administration 9997.00 9838.00 EUR Million Mar 2023
GDP from Manufacturing 8880.00 8743.00 EUR Million Mar 2023
GDP from Construction 2962.00 2999.00 EUR Million Mar 2023
GDP from Agriculture 1234.00 1251.00 EUR Million Mar 2023

Finland GDP Growth Rate
Although services account for 65 percent of Finnish economy, key sector is manufacturing, mainly wood, metals, engineering, telecommunications, and electronics industries. On the expenditure side, household consumption is the main component of GDP and accounts for 55 percent of its total use, followed by government expenditure (25 percent) and gross fixed capital formation (20 percent). Exports of goods and services account for 38 percent of GDP while imports account for 39 percent, subtracting 1 percent of total GDP. .
Actual Previous Highest Lowest Dates Unit Frequency
0.20 -0.60 5.00 -6.50 1975 - 2023 percent Quarterly
SA, WDA

News Stream
Finnish Q1 GDP Growth Revised Lower
Finland’s gross domestic product expanded 0.2% quarter-on-quarter in the Q1 of 2023, revised lower compared to initial estimates of a 1.1% rise and recovering from a 0.6% contraction in the previous period. The growth was driven mainly by the rebound in private consumption (0.1% vs -0.8% in the previous quarter) and government spending (3.1% vs -0.3%). Meanwhile, fixed investments declined further (-3% vs -2.6%), due to the decrease in both public and private investments. On net trade, imports fell 2.7% (vs -2.3%), while exports dropped at a softer 0.1% (vs -2.2%). On a yearly basis, the economy shrank 0.4%, the first contraction since the Q1 of 2021.
2023-05-31
Finnish GDP Expands in Q1
Finland’s gross domestic product expanded 1.1 percent quarter-on-quarter in the three months to March 2023, recovering from a downwardly revised 0.4 percent contraction in the previous period, preliminary estimates showed. The latest figure also marked the largest economic growth since the second quarter of 2021. On a yearly basis, the economy grew 1.2 percent, after stalling in the prior quarter.
2023-05-16
Finnish GDP Shrinks the Most in 2 Years
Finland’s gross domestic product shrank 0.6% quarter-on-quarter in the Q4 of 2022, revised lower compared to initial estimate of a 0.2% fall and following a downwardly revised 0.1% drop in the previous period. It was the sharpest contraction since the Q2 of 2020, amid ongoing Russia-Ukraine war, surging inflation, higher borrowing cost and the energy crisis across Europe. Private consumption declined by 0.6%, the same as in the previous quarter, while downturns were reported for government spending (-1.2% vs 0.3%) and fixed investments (-2% vs 1.5%). On net trade, both exports and imports went down by 2.9% and 2.4%, respectively. On a yearly basis, the economy stalled, after an upwardly revised 1.6% expansion in the previous three-month period. For the whole of 2022, the country’s GDP grew 2%.
2023-02-28