A-CLUSTER | Finland Quarterly National Accounts — Structural Macro Monitor

Executive Summary Growth Investment Competitiveness Household Demand Household Income & Saving Corporate Sector External Sector

Executive assessmentReal GDP grew 1.4% year-on-year in 2026-Q2 and the growth mix is classified as broad-based growth. The largest positive engine was household consumption, while the contribution mix is assessed as broad. Domestic demand contributed +0.9 pp and net exports +0.5 pp. The decomposition covers 100% of the six core expenditure components. Watchpoints: External sector supporting growth; Strong household-demand contribution.

Contribution coverage: 100% · Reconciliation residual: -0.00 pp · Assessment quarter: 2026-Q2

Real GDP

+1.40%

2026-Q2 · year-on-year

Growth regime

Broad-based growth

rule-based growth-mix classification

Growth balance

Broad

breadth / concentration of positive engines

Primary driver

Household consumption

largest contribution engine

Domestic demand

+0.86 pp

2026-Q2 · GDP contribution

Net exports

+0.54 pp

2026-Q2 · GDP contribution

Productivity/hour

+2.30%

2026-Q2 · Current

NULC/hour

+0.80%

2026-Q2 · Current

GFCF / GDP

21.30%

2026-Q2 · Current

Investment structure

Productive-capital intensive

2026-Q2 · asset composition

Productive-capital proxy

49.8%

machinery/equipment + intellectual property

Competitiveness regime

Broad competitiveness improvement

productivity and NULC relative to EU-27

Productivity gap vs EU

+1.5 pp

common quarter 2026-Q2

Latest productivity/hour

+2.3%

country-only 2026-Q2

NULC gap vs EU

-2.0 pp

common quarter 2026-Q2

Household demand mix

Mixed household demand

2026-Q2

Household financial regime

Income-supported household position

2026-Q1

Household saving rate

13.2%

quarterly sector accounts

Corporate regime

Mixed corporate cycle

2026-Q1

Corporate investment rate

23.6%

non-financial corporations

Real household consumption

+0.3%

YoY

External-sector regime

Export-supported external contribution

2026-Q2

Net exports contribution

+0.54 pp

to YoY GDP growth

Overall structural assessment

Broadly constructive structural picture

7-module synthesis

Watchpoints: External sector supporting growth; Strong household-demand contribution

Executive structural synthesis

Finland's structural macro picture is classified as broadly constructive structural picture. Growth Quality: Broad-based growth. Investment Quality: Productive-capital intensive. Competitiveness: Broad competitiveness improvement. Household Demand: Mixed household demand. Household Income & Saving: Income-supported household position. Corporate Income & Investment: Mixed corporate cycle. External Sector: Export-supported external contribution. Across the 7 modules, 5 are favourable, 2 mixed/neutral and 0 adverse.

Module	Assessment	Secondary	Key metric	Metric label	Quarter	Status	Flags
Growth Quality	Broad-based growth	Primary driver: Household consumption	1.40	Real GDP growth	2026-Q2	Favourable	External sector supporting growth; Strong household-demand contribution
Investment Quality	Productive-capital intensive	Productive-capital proxy: 49.8%	21.30	GFCF / GDP	2026-Q2	Favourable	High intellectual-property share; Real GFCF contracting
Competitiveness	Broad competitiveness improvement	Prod gap vs EU: +1.5 pp \| NULC gap: -2.0 pp	2.30	Latest productivity/hour	2026-Q2	Favourable	Large NULC gap versus EU
Household Demand	Mixed household demand	Primary category: Semi-durables	0.30	Real household consumption	2026-Q2	Mixed / neutral	Durable-goods demand contracting
Household Income & Saving	Income-supported household position	Saving rate: 13.2% \| 4Q change: +0.1 pp	13.25	Household saving rate	2026-Q1	Favourable	Actual final consumption per capita unavailable for selected country
Corporate Income & Investment	Mixed corporate cycle	Investment rate: 23.6% \| Profit share: 41.7%	23.62	Corporate investment rate	2026-Q1	Mixed / neutral	None
External Sector	Export-supported external contribution	Net exports: +0.54 pp	0.54	Net exports contribution	2026-Q2	Favourable	Domestic demand accompanied by import drag

Quarterly scorecard

Each indicator uses its own latest available observation. EU-27 is compared in the same quarter shown for the selected country.

Indicator	Measure	Quarter	Finland	EU-27	Gap vs EU
Real GDP growth	% YoY	2026-Q2	1.40	1.40	+0.00
Real GDP growth	% QoQ	2026-Q2	0.30	0.70	-0.40
Productivity per person	% YoY	2026-Q2	2.20	0.90	+1.30
Productivity per hour	% YoY	2026-Q2	2.30	0.80	+1.50
Nominal unit labour cost	% YoY	2026-Q2	0.80	2.80	-2.00
Gross fixed capital formation	% GDP	2026-Q2	21.30	21.50	-0.20
Household & NPISH consumption	% YoY	2026-Q2	1.10	1.20	-0.10
Exports	% YoY	2026-Q2	9.40	4.20	+5.20
Imports	% YoY	2026-Q2	8.40	3.90	+4.50
Real disposable income per capita	% QoQ	2026-Q1	0.57	0.01	+0.56
Household saving rate	%	2026-Q1	13.25	14.14	-0.89
Household investment rate	%	2026-Q1	7.24	8.16	-0.92
Household net financial assets ratio	%	2026-Q1	632.24	—	—
Corporate investment rate	%	2026-Q1	23.62	22.64	+0.98
Corporate gross profit share	%	2026-Q1	41.71	39.05	+2.66

Growth anatomy

Expenditure-side percentage-point contributions used for the growth-mix classification. Imports are already signed in Eurostat's contribution measure.

Engine	Contribution (pp)
Household consumption	+0.56
Government consumption	+0.19
Investment	-0.30
Inventories & valuables	+0.41
Exports	+3.99
Imports	-3.45
Net exports	+0.54
Domestic demand	+0.86
Residual / reconciliation	-0.00

Investment structure & quality

The fixed-investment mix in 2026-Q2 is classified as productive-capital intensive. GFCF stood at 21.3% of GDP versus 21.5% for EU-27. Machinery/equipment plus intellectual property accounted for 49.8% of GFCF, while construction accounted for 50.1%. Total real GFCF growth was -1.4% year-on-year in 2026-Q2. Watchpoints: High intellectual-property share; Real GFCF contracting.

Asset	Code	Level (€m)	Share of GFCF	EU-27 share	Gap vs EU (pp)	Real growth (% YoY)
Dwellings	N111G	2,866.0	18.4%	23.1%	-4.7	-4.7
Other buildings & structures	N112G	4,935.0	31.7%	26.8%	+4.9	+3.0
Machinery & equipment	N11MG	3,731.0	24.0%	29.8%	-5.8	-8.2
Cultivated biological resources	N115G	10.0	0.1%	0.2%	-0.1	-8.3
Intellectual property products	N117G	4,025.0	25.9%	20.2%	+5.7	+3.0

Productivity, labour cost & competitiveness

The current structural signal is classified as broad competitiveness improvement. On the latest common comparison quarter (2026-Q2), real labour productivity per hour grew +2.3% year-on-year versus +0.8% in EU-27. Nominal unit labour cost per hour increased +0.8% versus +2.8% in EU-27. Watchpoints: Large NULC gap versus EU.

Metric	Quarter	Country	EU-27	Euro area	Gap vs EU	Gap vs EA	Latest country quarter	Latest country value
Productivity per hour	2026-Q2	+2.30	+0.80	+0.60	+1.50	+1.70	2026-Q2	2.3
Productivity per person	2026-Q2	+2.20	+0.90	+0.60	+1.30	+1.60	2026-Q2	2.2
NULC per hour	2026-Q2	+0.80	+2.80	+2.60	-2.00	-1.80	2026-Q2	0.8
NULC per person	2026-Q2	+1.10	+2.80	+2.70	-1.70	-1.60	2026-Q2	1.1

Household demand & consumption mix

The current household-demand mix is classified as mixed household demand. Real household consumption grew +0.3% year-on-year in 2026-Q2. Durables accounted for 7.0% of nominal household expenditure and services for 55.5% in 2026-Q2. Watchpoints: Durable-goods demand contracting.

Category	Code	Level (€m)	Share of consumption	EU-27 share	Gap vs EU (pp)	Real growth (% YoY)	Real growth quarter
Durable goods	P311_S14	2,446.0	7.0%	8.1%	-1.1	-1.3	2026-Q2
Semi-durable goods	P312_S14	2,540.0	7.3%	7.6%	-0.3	+2.2	2026-Q2
Non-durable goods	P313_S14	10,507.0	30.2%	29.9%	+0.3	-0.4	2026-Q2
Services	P314_S14	19,337.0	55.5%	54.4%	+1.1	+0.6	2026-Q2

Household income, saving & balance sheet

Finland's household income/saving configuration is classified as income-supported household position. In 2026-Q1, real disposable income per capita changed +0.6% QoQ. The household saving rate was 13.2%. The saving rate changed +0.1 pp from four quarters earlier. Watchpoints: Actual final consumption per capita unavailable for selected country.

Metric	Indicator	Measure	Adjustment	Quarter	Country	EU-27	Euro area	Gap vs EU	Change vs 4Q ago
Real disposable income per capita	B6G_R_HAB_GR	% QoQ	SCA	2026-Q1	+0.57	+0.01	—	+0.56	+1.32
Real actual final consumption per capita	P4_R_HAB_GR	% QoQ	—	—	—	—	—	—	—
Household saving rate	SRG_S14_S15	%	SCA	2026-Q1	+13.25	+14.14	—	-0.89	+0.11
Household investment rate	IRG_S14_S15	%	SCA	2026-Q1	+7.24	+8.16	—	-0.92	-0.14
Household net financial assets ratio	NFW_S14_S15	%	NSA	2026-Q1	+632.24	—	—	—	+62.25

Corporate income & investment

Finland's non-financial corporate sector is classified as mixed corporate cycle. In 2026-Q1, the corporate investment rate was 23.6% and the gross profit share was 41.7%. Compared with four quarters earlier, the investment rate changed +0.1 pp and the profit share +1.8 pp.

Metric	Indicator	Measure	Adjustment	Quarter	Country	EU-27	Euro area	Gap vs EU	Change vs 4Q ago
Corporate investment rate	IRG_S11	%	SCA	2026-Q1	+23.62	+22.64	—	+0.98	+0.07
Corporate gross profit share	B2G_B3G_RAT_S11	%	SCA	2026-Q1	+41.71	+39.05	—	+2.66	+1.82

External sector & trade contribution

The external-sector contribution is classified as export-supported external contribution. Net exports contributed +0.54 percentage points to GDP growth in 2026-Q2. Exports contributed +3.99 pp and imports -3.45 pp. Real exports grew +9.4% YoY while real imports grew +8.4% YoY. Watchpoints: Domestic demand accompanied by import drag.

Metric	Contribution (pp)	Real growth (% YoY)	Quarter
Exports	+3.99	+9.40	2026-Q2
Imports	-3.45	+8.40	2026-Q2
Net exports	+0.54	—	2026-Q2
Domestic demand	+0.86	—	2026-Q2

A-CLUSTER Quarterly National Accounts — Structural Macro Monitor Summary

Executive structural synthesis across growth, investment, competitiveness, household demand, household income and saving, the corporate sector and the external sector.

Executive Dashboard

One-page synthesis of the growth mix, structural pulse and EU comparison.

Real GDP Growth

Year-on-year real GDP growth for the selected country, EU-27 and euro area.

Productivity per Hour

Real labour productivity per hour worked, year-on-year.

GDP Growth Contributions

Percentage-point expenditure contributions to annual real GDP growth.

European GDP Ranking

Cross-country comparison of real GDP growth for the latest available ranking quarter.

Household Consumption

Quarterly household consumption expenditure in current prices, by durability category where available.

Investment Structure & Quality

Composition of fixed investment, structural shares, EU comparison and investment-quality assessment.

Productivity, Labour Cost & Competitiveness

Productivity growth, nominal unit labour costs and relative performance versus EU-27 and the euro area.

Household Demand & Consumption Mix

Household expenditure composition and real demand momentum across durables, non-durables and services.

Household Income, Saving & Balance Sheet

Disposable income, actual consumption, saving, household investment and net financial assets from quarterly sector accounts.

Corporate Income & Investment

Corporate investment rate and gross profit share of non-financial corporations.

External Sector & Trade Contribution

Export, import and net-export contributions, trade growth and the source of external-sector support.

$External Sector & Trade Contribution$

Methodology and interpretation

The growth-regime, growth-balance and watchpoint labels are transparent A-CLUSTER analytical rules. They are not Eurostat classifications. The report chooses the latest quarter with headline real GDP growth and a sufficiently populated expenditure decomposition. Structural indicators such as productivity, unit labour costs and GFCF may have different release lags; their observation quarter is disclosed explicitly. The household durability module (namq_10_fcs) follows the domestic consumption concept and is not identical to the household/NPISH aggregate used in the GDP expenditure decomposition. The household-income/saving and corporate modules use quarterly sector-account key indicators from nasq_10_ki; percentage-change indicators such as B6G_R_HAB_GR and P4_R_HAB_GR are changes from the previous period. A reconciliation residual larger than ±0.35 percentage points is flagged rather than silently treated as a complete decomposition.