Finland's economy grows driven by consumption and exports

Finland's gross domestic product (GDP) increased in the third quarter 2019 (July to September) by 0.7% compared to the previous quarter. Growth is much more higher compared to the third quarter of 2018: GDP adjusted for working days increased by 2.2% year-on-year.

Preliminary figures indicate that it was exports and domestic consumption that pushed the Finnish economy up in the third quarter of the year.

The volume of foreign sales increased by 0.5% from the previous quarter and by 5.3% year-on-year. Imports increased by 1.2% from the previous quarter and by 4.2% year-on-year.

Source: Statistics Finland

Consumption and investments

Private consumption grew by 1.5% from the previous quarter and by 2.4% from twelve months back. Gross fixed capital formation, or investments, grew by 1.1% from the previous quarter and by 2.6% year-on-year.

Revisions put the change in the volume of GDP in the second quarter of 2019 at 0.8 per cent from the previous quarter (was 0.5%) and at 1.4 per cent from twelve months back (was 1.2%).