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Published: 15 March 2021

Turnover and output in services fell in January

Working day adjusted turnover in service industries fell by 10.5 per cent in January 2021 from January 2020. Service output or volume, from which the impact of prices has been eliminated, fell by 8.9 per cent over the same period. In December 2020, turnover went down by 10.3 per cent, while volume contracted correspondingly by 7.5 per cent. Services are here examined exclusive of trade.

Annual change in working day adjusted turnover and volume of service industries, %

In Janyary 2021, the development measured by turnover adjusted for working days was weaker than in the entire service industry in accommodation and food service activities (-40.5%), arts, entertainment and recreation activities (-28.5%), transportation and storage (-22,1%), and administrative and support service activities (-13.3%). The development of the volumes of the industries was also weaker than the average development of the volume of service industries. The volume of accommodation and food service activities decreased by 38.8 per cent from January 2020. In turn, the volume of transportation and storage went down by 22.3 per cent in the corresponding time. In administrative and support service activities, the volume fell by 9.2 per cent from the previous year's January.

Among the main service industries, a clear fall was also visible in other service activities, where turnover decreased by 4.5 per cent from January 2020. In professional, scientific and technical activities, working day adjusted turnover fell by 0.7 per cent in January 2021 from one year back, while the volume of the industry decreased by 1.1 per cent over the same period.

Among the main service industries, development was most favourable in January 2021 in real estate activities, where working day adjusted turnover grew by 2.8 per cent from one year earlier. The volume of the industry also went up by 1.8 per cent in the corresponding period. The working day adjusted turnover of the industry of information and communication activities increased by 2.1 per cent from the previous year. The 5.2 per cent rise in the volume of the industry in January 2021 was the fastest of service industries.

Annual change in working day adjusted turnover and volume of service industries, January 2021, % (TOL 2008)

Turnover grew while output remained on level with the previous month

Seasonally adjusted turnover in service industries grew by 0.7 per cent in January 2021 compared to December 2020. The output of services, from which the impact of prices has been eliminated, grew by just 0.1 per cent over the same period. In December 2020, turnover fell by 0.2 per cent, while volume was slightly up by 0.1 per cent from November.

Change in seasonally adjusted turnover and volume from the previous month of service industries, %

The data for the latest month are preliminary and are released at a delay of around six weeks. The data may become significantly revised particularly on more detailed industry levels in coming months. The volume of service industries is calculated by eliminating the effect of price changes from the turnover index.

The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.

Source: Turnover of service industries, Statistics Finland

Inquiries: Aki Niskanen 029 551 2657, Katja Liukkonen 029 551 3515, Tony Valve 029 551 3453, palvelut.suhdanne@stat.fi

Head of Department in charge: Katri Kaaja

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Appendix tables

• Appendix table 1. Annual change in working day adjusted turnover and volume in sectors of services, % (TOL 2008) (15.3.2021)

Figures

• Appendix figure 1. Turnover and volume of service industries, trend series (15.3.2021)
• Appendix figure 2. Turnover and volume of transportation and storage, trend series (15.3.2021)
• Appendix figure 3. Turnover and volume of information and communication, trend series (15.3.2021)
• Appendix figure 4. Turnover and volume of real estate activities, trend series (15.3.2021)
• Appendix figure 5. Turnover and volume of professional, scientific and technical activities, trend series (15.3.2021)
• Appendix figure 6. Turnover and volume of administrative and support service activities, trend series (15.3.2021)

Revisions in these statistics

• Revisions in these statistics (15.3.2021)

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Updated 15.3.2021