HELSINKI: The volume of Finland’s gross domestic product grew by 0.2 per cent in 2015, according to Statistics Finland’s revised preliminary data. The initial preliminary data released in March put the rate of growth at 0.5 per cent. The GDP became revised as new data on intermediate goods used as production inputs in various industries in particular became available. The gross domestic product, or the value added created in the production of goods and services, amounted to EUR 209 billion.
Viewed by current price, value added increased most in computer and related services, the chemical industry, the forest industry and in some metal product sectors, business activities, water and air transport, and hotel and restaurant activities, and real estate activities while it decreased considerably in agriculture and insurance activities. The volume of value added increased most in computer and related services, business activities and in the manufacture of basic metals. It contracted considerably in insurance activities and in some sectors of manufacturing and transport.
Demand in the national economy was mainly maintained by consumption—the volume of which grew by 1.1 per cent. The volume of private consumption grew by 1.5 per cent and the volume of public consumption expenditure by 0.4 per cent, the statistics show. The volume of investments went up by 0.7 per cent. Private investments grew by 2.2 per cent but public investments decreased by 5.1 per cent.
Especially investments in machinery and equipment increased. By contrast, investments in research and development and in software decreased. The volume of exports shrunk by 0.2 per cent in 2015 and that of imports grew by 1.9 per cent. Because import prices declined by clearly more than export prices, imports at current prices contracted more than exports.
The value of goods exports and imports decreased but the imports and exports of services increased. Non-financial corporations’ operating surplus describing profits from their actual operations went up by eight per cent from the previous year. Non-financial corporations’ entrepreneurial income increased more, by 17 per cent, because dividend income increased and interest expenses decreased. Entrepreneurial income also takes into consideration property income and paid interests and rents, and corresponds roughly with profit before payment of taxes and dividends.
Non-financial corporations’ net lending, or financial position, showed a surplus of EUR 7.4 billion. The financial position weakened slightly despite the increase in profits because non-financial corporations’ investments and inventories increased. General government’s net lending, or financial position, showed a deficit of EUR 5.8 billion, while the deficit was EUR 6.5 billion in the previous year. The size of the public economy is described by general government’s share of the gross value added, which was 20.4 per cent in 2015, having been 20.9 per cent one year earlier.
Households’ disposable income grew by 1.0 per cent in real terms. Their adjusted disposable income grew by 0.9 per cent in real terms. Households’ wage and salary income went up by 1.0 per cent and social benefits by 3.2 per cent while their property and entrepreneurial income went up by 1.2 per cent.
