Home > Statistics > Trend Indicator of Output > 2008 > October > Output of the national economy fell in October

Published: 13 January 2009

Output of the national economy fell in October

Seasonally adjusted output fell by 1.1 per cent in October from the month before. Adjusted for working days, output fell by 1.6 per cent from October 2007. According to the original series, output was 1.5 per cent lower than in October of the year before. The data derive from Statistics Finland's Trend Indicator of Output. The data are preliminary and will become revised later.

According to revised data, seasonally adjusted output increased in September by 0.1 per cent (previously 0.4 per cent) from the month before. Output adjusted for working days increased by 0.8 per cent (previously 2.2 per cent) and the original series showed 2.7 per cent (previously 4.1 per cent) growth from September 2007. The revisions primarily arise from benchmarking of the data of the Trend Indicator of Output to the Quarterly National Accounts data released on 8 December 2008. There have also been revisions in the source data for the industries.

Volume of total output 2003 - 2008, trend and seasonally adjusted series

The series of the Trend Indicator of 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.

Working day adjusted change of total output from previous year's corresponding month, %

According to the working day adjusted series, primary production is estimated to have contracted by 10 per cent from October 2007. Adjusted for working days, secondary production and service industries both contracted by one per cent. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant industries, transport and business activities as well as real estate, renting and research services, financial intermediation and insurance, and public services. Primary production refers to agriculture, forestry and fishery.

Source: Trend Indicator of Output 2008, October. Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667, Mr Samu Hakala +358 9 1734 3756 kansantalous.suhdanteet@stat.fi

Director in charge: Mr Ari Tyrkkö

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Last updated 13.1.2009