Turnover and output in services grew in June

According to Statistics Finland, working day adjusted turnover in service industries grew by 14.3 per cent in June 2021 from June 2020. Service output or volume, from which the impact of prices has been eliminated, grew by 11.4 per cent over the same period. In this year’s May, turnover reached a growth of 17.4 per cent, while volume went up by 13.8 per cent from one year back. The development was partly due to the exceptional situation caused by the coronavirus one year earlier. Services are here examined exclusive of trade.

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

Turnover and volume of service industries still behind June 2019

In June 2021, the average development of turnover in service industries adjusted for working days was 1.1 per cent lower than in June 2019. In the corresponding period, the volume of the industry also went down by 0.6 per cent. The present level of turnover and volume can be better understood by comparing the development of the industry to June 2019 than to June 2020.

Among the main service industries, turnover grew most in June 2021 in accommodation and food service activities, where working day adjusted turnover rose by 38.6 per cent year-on-year while volume grew by 37.2 per cent over the same period. The brisk development was caused by the exceptionally large plunge in the industry’s turnover experienced one year previously. Compared with two years ago, turnover in accommodation and food service activities was still 5.8 per cent lower than in June 2019. In the corresponding period, the volume of the industry was 6.4 per cent lower than in June 2019.

The industry of arts, entertainment and recreation grew by 30.5 per cent in June 2021 from June 2020. Correspondingly, the turnover of the industry fell by 13.4 per cent from June 2019. In June 2021, working day adjusted turnover in administrative and support service activities grew by 16.1 per cent and volume by 11.0 per cent from one year back. Compared with June two years ago, the industry’s turnover grew by 2.4 per cent and volume by 0.1 per cent.

In transportation and storage, working day adjusted turnover grew by 12.7 per cent from June 2020 while the volume of the industry was growing by 3.9 per cent over the same period. Compared with June 2019, the turnover of the industry fell by 17.3 per cent and volume by 21.0 per cent.

In other main service industries, the development did not differ as much as in the above-mentioned industries in 2020. In June 2021, working day adjusted turnover in professional, scientific and technical activities increased by 14.0 per cent and volume by 12.9 per cent from the year before. In the corresponding period, working day adjusted turnover in other service activities went up by 11.8 per cent year-on-year. Working day adjusted turnover in information and communication activities grew by 10.6 per cent in June 2021 from June 2020 while volume rose by 9.8 per cent over the same period. In June 2021, working day adjusted turnover in real estate activities went up by 7.7 per cent and volume by 6.6 per cent from June 2020.

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

Turnover and output grew from the previous month

Seasonally adjusted turnover in service industries rose by 1.3 per cent in June 2021 compared with May. The output of services, from which the impact of prices has been eliminated, grew by 0.7 per cent over the same period. In May of 2021, turnover grew by 2.3 per cent from April, while volume was up by 2.5 per cent.

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

Head of Department in charge: Katri Kaaja

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Appendix table 1. Annual change in working day adjusted turnover and volume in sectors of services, % (TOL 2008) (13.8.2021)

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Revisions in these statistics (13.8.2021)

Updated 13.8.2021

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. June 2021. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/plv/2021/06/plv_2021_06_2021-08-13_tie_001_en.html