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Published: 14 August 2014

Output of the national economy decreased in June 2014

Seasonally adjusted output decreased by 0.6 per cent in June from the month before. Adjusted for working days, output was 0.1 per cent higher than in the previous year. June 2014 had one working day more than June 2013. According to revised data, working day adjusted output decreased in May by 0.6 per cent from May 2013 (previously -0.1%).

Volume of total output 2005 to 2014, 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. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

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

Primary production went up by 0.3 per cent, secondary production decreased by 0.6 per cent and services grew by 0.3 per cent from June 2013.

Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, 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 fishing.

Estimated development of GDP and employment in the second quarter of 2014

Seasonally adjusted GDP is estimated to have grown by 0.1 per cent from the previous quarter. According to the series adjusted for working days, GDP was 0.1 per cent down on the corresponding quarter of the year before. It is estimated that the number of the employed has contracted by 0.7 per cent and hours worked fallen by 2.8 per cent from the second quarter of 2013.

The data are based on preliminary data of the Trend Indicator of Output. The next quarterly national accounts with more detailed data will be published on 5 September 2014.

Flash estimate, seasonally adjusted, at reference year 2010 prices

Intermediate consumption as well as taxes and subsidies on products are not estimated in the compilation of the quarterly flash estimate, but quarterly GDP is carried forward with a change based on the data of the Trend Indicator of Output.

Source: Trend Indicator of Output 2014 June, Statistics Finland

Inquiries: Pasi Koikkalainen 029 551 3332, Marja Kivimäki 029 551 3797, kansantalous.suhdanteet@stat.fi

Director in charge: Leena Storgårds

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Updated 14.8.2014