HELSINKI: The Gross Domestic Product (GDP) in Finland contracted by 0.4 per cent in 2014, according to Statistics Finland’s revised preliminary data. The decrease was 0.1 per cent as per the initial preliminary data released in March.
The GDP became revised as new data on intermediate consumption in various industries in particular became available. In 2013, the volume of GDP contracted by 1.1 per cent whereas previous estimates put the decline at 1.3 per cent. Production contracted for the third year in a row last year and was at the 2006 level. Gross domestic product, or the value added created in the production of goods and services, amounted to euro 205 billion at current prices.
The volume of value added decreased in most industries last year, such as in manufacturing, construction, transport, and public administration. By contrast, the volume of value added increased, for example, in financial and insurance activities, computer and related services, and pharmaceutical preparations, the data show. Demand items in the national economy remained at previous year’s level or declined.
Only the volume of public consumption expenditure grew slightly by 0.3 per cent. Private consumption expenditure increased by 0.5 per cent but public consumption expenditure decreased by 0.2 per cent. The volume of investments, however, decreased by 3.3 per cent.
