HELSINKI, Feb. 28 (Xinhua) -- Finland's gross domestic product (GDP) contracted by 0.2 percent in 2024 on a year-on-year basis, lagging behind the average growth of the European Union (EU), according to the latest statistics published by Statistics Finland on Friday.

Between October and December 2024, Finland's GDP dropped by 0.2 percent from the previous quarter, but increased by 1.2 percent from one year earlier, the statistical agency said. For the whole year of 2024, Finland's GDP was 0.2 percent lower than the previous year.

Industrial sectors grew in October-December 2024 from the previous quarter. However, the total value added in industrial sectors through 2024 remained at a slightly lower level than in the previous year.

Production in the metal industry contracted considerably in the first quarter of 2024 but rose to a higher level in the following quarters. Meanwhile, the production of the forest and electrical and electronics industries grew throughout the year.

However, the volume of construction has been decreasing since the beginning of 2022 and the trade sector developed sluggishly throughout 2024. Finland's export volume increased by 0.1 percent in 2024, while import volume decreased by 2.5 percent.

Furthermore, total demand in 2024 decreased by 0.5 percent, as exports and private consumption expenditure remained more or less at the previous year's level, private investments decreased, and public investments and consumption expenditure increased.

Finland lagged behind the development of the rest of the European Union (EU) countries last year, Finnish daily Helsingin Sanomat commented on Friday. According to preliminary data from Eurostat, the GDP of the entire EU area grew by 0.9 percent in 2024.

Nevertheless, Statistics Finland's chief actuary Samu Hakala told the press on Friday that the economic development seems to be moving in a better direction during the last quarters of 2024: at least, the decline is slowing down. Enditem

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