GDP grows by 0.2% in Q1

The volume of Finland’s gross domestic product (GDP) grew in January to March 2022 by 0.2 per cent from the previous quarter, according to Statistics Finland.

Compared with the first quarter of 2021, GDP adjusted for working days grew by 3.6 per cent.

Gross domestic product has been growing since the second quarter of 2021, but the growth rate appears to have waned.

In January to March, the volume of exports contracted by 9.8 per cent and the volume of imports by 2.0 per cent from the level in October to December.

The rise in prices increased the current priced value of international trade clearly compared with one year ago.

Gross fixed capital formation, or investments, increased by 3.6 per cent from the previous quarter. Public investments in particular grew strongly.

Building investments increased but investments in machinery and equipment decreased.

Private consumption declined by 0.2 per cent from the level in October to December. Government consumption expenditure increased by 0.4 per cent.