Total output fell in October

The volume of total output fell by 0.3 per cent in October from the previous month. The data derive from the seasonally adjusted series of Statistics Finland's Monthly Indicator of Total Output.

Because the method for calculating the Monthly Indicator of Total Output remained unchanged when the method for calculating gross domestic product (GDP) in quarterly and annual National Accounts was revised in 2006, the series of the Monthly Indicator of Total Output are no longer directly comparable with value added (GDP) by industry. They describe the development of output rather than that of value added in the revised National Accounts.

Volume of total output 2000 - 2007, trend and seasonally adjusted series

The series of the Monthly Indicator of Total Output are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods.

Total output was 2.7 per cent higher than in October 2006

The volume of total output grew by 2.7 per cent in October 2007 from October of the previous year. October 2007 had one working day more than the corresponding month of the previous year. Adjusted for working days, total output grew by 1.5 per cent year-on-year.

Percentage changes of total output from the previous year's corresponding month

According to the original series of the volume index of industrial output, industrial output remained on level with the previous year's October. Output volumes in the whole metal industry fell by one per cent and production in its sub-industry of manufacture of electrical and electronic equipment decreased by 4 per cent. In the wood and paper industry output fell by 4 per cent. Energy supply declined by one per cent, but other manufacturing inclusive of the chemical industry grew by 3 per cent from October 2006.

Sales volumes of trade went up by 6 per cent. Motor vehicle sales increased by 9 per cent, wholesale trade by 5 per cent and retail trade by 7 per cent.

Construction output grew by 5 per cent. Primary production went up by 9 per cent as fellings increased by 12 per cent from October 2006. Output in other service industries grew by 4 per cent, but remained on level with the corresponding month of the year before in transport.

The Monthly Indicator of Total Output is based on twelve monthly series on different industries of the economy. The series are summed up by weighting.

The methods for fixed price calculations in National Accounts were revised in spring 2006. Output and intermediate consumption at current prices are now deflated separately and value added at fixed prices is derived as the difference of these figures. At the same time, the fixed base year was replaced with a varying one. The method for calculating the Monthly Indicator of Total Output was kept unchanged, so it describes development of output rather than that of value added in the revised National Accounts. Due to the fast production timetable, some services to industry are not described in the Monthly Indicator of Total Output.

Source: Monthly Indicator of Total Output 2007, October. Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667, kansantalous.suhdanteet@stat.fi

Director in charge: Mr Ari Tyrkkö

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Last updated 18.12.2007

Referencing instructions:

Official Statistics of Finland (OSF): Trend Indicator of Output [e-publication].
ISSN=1798-5439. October 2007. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ktkk/2007/10/ktkk_2007_10_2007-12-18_tie_001_en.html