GDP decreases by 0.1% in Q1

The volume of Finland’s gross domestic product (GDP) decreased in January to March by 0.1 per cent from the previous quarter, according to Statistics Finland.

Compared with the first quarter of 2020, GDP adjusted for working days decreased by 1.0 per cent.

Also according to revised data, GDP grew in October to December by 0.4 per cent from the previous quarter but decreased by 1.1 per cent from twelve months back (was -1.4%).

In the first quarter of 2021, the volume of exports contracted by 5.0 per cent from the previous quarter and by 5.4 per cent year-on-year. Imports increased by 1.4 per cent from the previous quarter but decreased by 7.0 per cent year-on-year.

In the first quarter, the volume of private consumption decreased by 0.7 per cent from the previous quarter and by 4.1 per cent from twelve months back.

Gross fixed capital formation, or investments, grew by 1.4 per cent from the previous quarter but decreased by 2.1 per cent year-on-year.