Finland Times

Sources - Statistics Finland

The volume of Finland’s Gross Domestic Product has contracted by 0.8 per cent in 2012, according to Statistics Finland's revised preliminary data.

 

According to the preliminary data released in March, the decrease was 0.2 per cent. The GDP became revised downwards as new data on intermediate consumption in manufacturing and other industries became available.

 

The preliminary data published in March were mainly based on turnover data.

 

Statistics Finland has also reviewed national accounts for the years 2010 to 2011. The volume of GDP grew by 3.4 per cent in 2010 (was 3.3 per cent) and by 2.7 per cent in 2011 (was 2.8 per cent).

 

Households' adjusted disposable income describing their economic well-being grew by 0.1 per cent in real terms last year. In addition to net income, adjusted income also takes into consideration the individual services that the public sector and organisations produce for households, such as educational, health and social services.

 

Demand items in the national economy remained at previous year's level. The volume of consumption expenditure grew only by 0.3 per cent. The volume of investments decreased by one per cent. The growth in inventories was considerably lower than the year before. The volume of exports shrunk by 0.2 per cent and imports by one per cent.

 

General government deficit grew last year and the financial position of central government showed a notable deficit for the fourth successive year. The deficit (net borrowing) was EUR 7.3 billion, while a year before it was EUR 6.4 billion.

 

The total financial position, or net lending,of general government showed a deficit of EUR 4.2 billion (2.2 per cent of GDP), while the deficit in the previous year was EUR 1.9 billion.

 

Households' real income did not grow. Households’ disposable income grew by three per cent in nominal terms but remained on level with the previous year in real terms.

 

Households’ final consumption expenditure increased by 3.2 per cent.

 

Money spent on housing, food and health grew the most. Less money than before was spent on car purchases and telecommunications.