Production in the Finnish economy stalls on its way to recovery

Production in the Finnish economy stalled in March on its way to recovery. According to Statistics Finland's output trend indicator, it grew year-over-year but decreased from the previous month (February).

The production of the national economy adjusted for working days went up by 1.1% in March 2021 compared to March 2020, when the coronavirus turned into a global crisis. However, seasonally adjusted production fell by 0.6% from the month before (February 2021).

Working day adjusted primary production (agriculture, hunting, forestry and fishing) grew by around 4% cent from the respective month of the previous year. Secondary production (manufacturing and construction) decreased by about 2% and services grew by around 2% from March 2020.

Seasonally adjusted GDP is estimated to have grown by around 0.4% in the first quarter of 2021 from the previous quarter.

According to the series adjusted for working days, GDP was 0.3% down on the corresponding quarter of the year before.

Employment decreased

It is estimated that the number of the employed decreased by around 0.7% in the first quarter from one year ago. Adjusted for working days, the number of hours worked had decreased by around 2.2% 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 28 May 2021.