Finnish economy ended 2020 with falls in GDP, output, employment

Production in the Finnish economy fell again in December and ended a year in which, except for January, it was constantly in decline. Something similar happened with the Gross Domestic Product (GDP) and employment, which, according to official estimates, also fell in the fourth quarter in year-on-year terms.

Output of the national economy adjusted for working days fell by 1.8% in December 2020 from one year back, according to Statistics Finland. Compared with the month before (November), seasonally adjusted output fell by 0.8%.

Working day adjusted primary production, which refers to agriculture, hunting, forestry and fishing, grew by around 6% from the respective month of the previous year. But secondary production, which includes manufacturing and constructions, decreased by about 1%. Services, which comprise trade, hotel and restaurant activities, transport and business, real state and public services, fell by around 2% from December 2019.

Fall of GDP

In last quarter of the year, Finland's Gross Domestic Product adjusted for working days was 2% down on the corresponding quarter of the year before. Seasonally adjusted GDP is estimated to have grown by around 0.2 per cent from the previous quarter.

It is estimated that the number of the employed has decreased by around 1.5% from one year ago. Adjusted for working days, the number of hours worked had decreased by around 1.2% from the corresponding quarter of one year ago.

The data are based on preliminary data of the Trend Indicator of Output. The next quarterly national accounts with more detailed data will be published on 26 February.