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Fri, 10 Jul, 2015 12:21:08 AM FTimes Report, July 10  Annual change in the volume of gross domestic product, per cent. Source: National Accounts. The Gross Domestic Product (GDP) in Finland contracted by 0.4 per cent in 2014, according to Statistics Finland’s revised preliminary data. The decrease was 0.1 per cent as per the initial preliminary data released in March.
The GDP became revised as new data on intermediate consumption in various industries in particular became available.
In 2013, the volume of GDP contracted by 1.1 per cent whereas previous estimates put the decline at 1.3 per cent.
Production contracted for the third year in a row last year and was at the 2006 level. Gross domestic product, or the value added created in the production of goods and services, amounted to euro 205 billion at current prices.
The volume of value added decreased in most industries last year, such as in manufacturing, construction, transport, and public administration.
By contrast, the volume of value added increased, for example, in financial and insurance activities, computer and related services, and pharmaceutical preparations, the data show.
Demand items in the national economy remained at previous year's level or declined.
Only the volume of public consumption expenditure grew slightly by 0.3 per cent. Private consumption expenditure increased by 0.5 per cent but public consumption expenditure decreased by 0.2 per cent.
The volume of investments, however, decreased by 3.3 per cent.
Annual change in households’ disposable real income (left column) and household's adjusted real income (right column), per cent. Source: National Accounts. Investments in building constructions and in research and development declined in particular. By contrast, investments in machinery and equipment, computer software and civil engineering grew a little.
The investment rate or the proportion of investments of gross domestic product fell
to 20.3 per cent.
The volume of exports shrunk by 0.7 per cent in 2014 and that of imports remained unchanged. The volume of goods exports and imports increased slightly but the imports and exports of services decreased clearly.
Households' disposable income declined by 1.2 per cent in real terms. Households' adjusted disposable income describing their economic well-being declined by 0.8 per cent in real terms last year.
Adjusted income also includes welfare services produced by the public sector and organisations for households, such as educational, health and social services.
Households’ wage and salary income only went up by 0.3 per cent but social benefits by five per cent due, for example, to an increase in the number of pensioners and unemployed.
Non-financial corporations' operating surplus describing profits from their actual operations went up by five per cent from the previous year.
The net savings of non-financial corporations increased by euro 1.7 billion from the previous year. Non-financial corporations’ net lending, or financial position, showed a surplus of euro 5.4 billion.
The economy of general government showed a deficit of euro 6.8 billion last year. The net borrowing according to national accounts, was 3.3 per cent of the gross domestic product.
The deficit of central government was euro 7.9 billion and that of local government amounted to euro 1.7 billion. By contrast, the economy of employment pension schemes showed a surplus of euro 3.4 billion. Other social security funds showed a deficit of euro 0.7 billion.
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