Finland’s 2017 GDP growth revised upwards

Finland experienced its strongest economic growth since 2010, last year. (Henrietta Hassinen/Yle)
Statistics Finland says that Finland’s economy grew by 2.8 percent last year, up from its previous estimate of 2.6 percent. That means that last year, Finland’s GDP amounted to 216 billion euros, or 40,600 euros per inhabitant.

The figures show that 2017 saw the strongest economic growth since 2010 when it expanded by 3 percent.

Figures released by the agency on Thursday show that the value of gross domestic product (GDP) increased in nearly all of Finland’s main industries, with construction, mining and administrative and support services recording the strongest growth.

In contrast, the economic value of health and social work activities, public administration and education fell in 2017.

Investments and exports drive growth

Growth in the national economy was mainly driven by investment, which expanded 4 percent, while household consumption grew by 1.4 percent.

Meanwhile, the value of exports rose by 7.5 percent, outstripping the growth of 3.5 percent in imports, the agency said.

Nevertheless, the financial position of central government continued to show a notable deficit, 4 billion euros, for the ninth year in a row, according to Statistics Finland.

Related stories from around the North:

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Finland: Finland’s exports up by 15% in 2017, Yle News

Norway: Russian sanctions are good business for Norwegian Oil Fund, The Independent Barents Observer

Russia: Population dropping in Northwestern Russia, The Independent Barents Observer

Sweden: Will Sweden scrap state pensions for thousands now living in Finland?, YLE News

United States: Alaska Senator Murkowski irked at new tariffs and “confusing” Trump team, Alaska Public Media

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