Home > Statistics > Trend Indicator of Output > 2020 > June > Output of the national economy fell in June from the year before, growth from the previous month

Published: 14 August 2020

Output of the national economy fell in June from the year before, growth from the previous month

Adjusted for working days, output fell by 4.8 per cent in June 2020 from one year back. Seasonally adjusted output in June rose by 0.9 per cent from the month before. According to revised data, working-day adjusted output fell in May 2020 by 5.6 per cent (previously -5.5 per cent) from last year’s May.

Volume of total output 2005 to 2020, 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, %

Working day adjusted primary production grew by around four per cent. Secondary production decreased by about six per cent and services by around five per cent from June 2019.

Primary production refers to agriculture, hunting, forestry and fishing. 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.

GDP and employment are estimated to have fallen in the second quarter of 2020

Seasonally adjusted GDP is estimated to have fallen by around 3.2 per cent from the previous quarter. According to the series adjusted for working days, GDP was 4.9 per cent lower than in the corresponding quarter of the year before. It is estimated that the number of the employed has decreased by around 3.2 per cent from one year ago. Adjusted for working days, the number of hours worked has decreased by around 7.6 per cent from the corresponding quarter of one year ago.

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 28 August 2020.

Flash estimate, seasonally adjusted, at reference year 2010 prices

The compilation of the quarterly flash estimate is based on the change in production calculated through the Trend Indicator of Output and on the estimated development of taxes on products and subsidies on products.

Source: Trend Indicator of Output 2020 June, Statistics Finland

Inquiries: Antti Kosunen 029 551 3613, Mikko-Waltteri Sihvola 029 551 3062, kansantalous.suhdanteet@stat.fi

Director in charge: Jan Nokkala

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Updated 14.8.2020