Finland's economy shrank by 0.4% in the three months ending December 2023, following a 0.9% contraction in the preceding quarter, a preliminary estimate showed. This data indicates that the economy entered a technical recession at the end of the year, as persistently high inflation and escalating borrowing costs dampened activity and demand. In comparison with the corresponding period last year, Finnish GDP declined by 1.3% in the fourth quarter, marking a steeper decrease than the 1.2% observed in the previous three-month period. source: Statistics Finland

The Gross Domestic Product (GDP) in Finland contracted 0.40 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Finland averaged 0.49 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 February of 2024.

The Gross Domestic Product (GDP) in Finland contracted 0.40 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Finland is expected to be 0.20 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 2025, according to our econometric models.

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Finland GDP Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-30 06:00 AM QoQ Final Q3 -0.9% 0.4% -0.9%
2024-02-14 06:00 AM QoQ Prel Q4 -0.4% -0.9%
2024-02-29 06:00 AM QoQ Final Q4 -0.9% -0.4%


Related Last Previous Unit Reference
GDP Growth Rate -0.40 -0.90 percent Dec 2023
GDP Annual Growth Rate -1.30 -1.20 percent Dec 2023
GDP Constant Prices 58137.00 58639.00 EUR Million Sep 2023
Gross National Product 57204.00 58064.00 EUR Million Sep 2023
Gross Fixed Capital Formation 12724.00 12812.00 EUR Million Sep 2023
Full Year GDP Growth 1.60 2.80 percent Dec 2022
GDP from Utilities 1626.00 1575.00 EUR Million Sep 2023
GDP from Transport 1898.00 1868.00 EUR Million Sep 2023
GDP from Services 36940.00 37281.00 EUR Million Sep 2023
GDP from Public Administration 9771.00 9884.00 EUR Million Sep 2023
GDP from Manufacturing 8065.00 8181.00 EUR Million Sep 2023
GDP from Construction 2894.00 2956.00 EUR Million Sep 2023
GDP from Agriculture 1365.00 1381.00 EUR Million Sep 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
-0.40 -0.90 5.00 -6.50 1975 - 2023 percent Quarterly
SA, WDA

News Stream
Finland's Economy Enters Recession
Finland's economy shrank by 0.4% in the three months ending December 2023, following a 0.9% contraction in the preceding quarter, a preliminary estimate showed. This data indicates that the economy entered a technical recession at the end of the year, as persistently high inflation and escalating borrowing costs dampened activity and demand. In comparison with the corresponding period last year, Finnish GDP declined by 1.3% in the fourth quarter, marking a steeper decrease than the 1.2% observed in the previous three-month period.
2024-02-14
Finnish Q3 GDP Contraction Confirmed at 3-Year Low
Finland’s economic contraction confirmed at 0.9% quarter-on-quarter in the Q3 of 2023, reversing a downwardly revised 0.4% expansion in the previous period. It was the sharpest decline since the second quarter of 2020, weighed by decreases from private consumption (-0.6% vs -0.2% in Q2) and government spending (-2.7% vs 2.4%). In addition, fixed investments shrank (-1.5% vs 0%), particularly construction and intangible & software investments. On net trade, exports fell 1.8% (vs -0.1%), while imports dropped at a much faster rate of 3.2% (-1.2%). On a yearly basis, the economy dipped 1.2%, the steepest GDP contraction in three years.
2023-11-30
Finnish Q3 GDP Shrinks Most Since 2020
Finland’s gross domestic product shrank 0.9 percent quarter-on-quarter in the three months to September 2023, following a 0.6 percent expansion in the previous period, preliminary estimates showed. It was the first economic contraction this year and the steepest since the second quarter of 2020. On a yearly basis, the economy declined 1.0 percent, accelerating from a 0.4% drop in the prior period and pointing to the sharpest fall since the first quarter of 2021.
2023-11-14