Turnover and output in services grew in July

According to Statistics Finland, working day adjusted turnover in service industries grew by 12.5 per cent in July 2021 from July 2020. Service output or volume, from which the impact of prices has been eliminated, grew by 11.2 per cent over the same period. In this year’s June, turnover reached a growth of 14.3 per cent, while volume went up by 11.4 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, %

Output in service industries exceeded the level prior to the coronavirus in July

In July 2021, the average development of turnover in service industries adjusted for working days was 0.6 per cent lower than in July 2019. In the corresponding period, the volume of the industry rose by 0.9 per cent from July 2019. For some of the service industries the present level of turnover and volume can be better understood by comparing the development of the industry to July 2019 rather than to July 2020.

The development of transportation and storage, and arts, entertainment and recreation activities was still lower in July 2021 than in July 2019. In transportation and storage, turnover fell by 15.9 per cent and volume by 17.3 per cent from July two years ago. However, working day adjusted turnover in the industry grew by 13.5 per cent from July 2020 while volume grew by 6.2 per cent over the same period. The working day adjusted turnover of arts, entertainment and recreation activities decreased by 22.2 per cent compared to July 2019, while the turnover of the industry rose by 14.6 per cent from July 2020.

In other main service industries, the development did not differ as much as in the above-mentioned industries in July 2020. Among the main service industries, turnover grew most in July 2021 in accommodation and food service activities, where working day adjusted turnover rose by 20.4 per cent year-on-year while volume grew by 19.4 per cent over the same period. Compared to July 2019, the turnover of accommodation and food service activities was also growing: turnover rose by 4.9 per cent and volume by 5.0 per cent.

In July 2021, working day adjusted turnover in professional, scientific and technical activities increased by 15.8 per cent and volume by 13.7 per cent from the year before. Compared with July two years ago, turnover in the industry grew by 9.3 per cent and volume by 8.5 per cent. In administrative and support service activities, working day adjusted turnover also showed good growth, up by 14.0 per cent and volume went up by 11.1 per cent from July 2020. Compared with July two years ago, the industry’s turnover grew by 1.2 per cent and volume by 1.1 per cent.

The development of information and communication activities, other service activities and real estate activities was more even than average for service industries. Working day adjusted turnover in information and communication activities grew by 9.3 per cent from July 2020 while volume rose by 8.4 per cent over the same period. In July 2021, working day adjusted turnover in real estate activities went up by 4.6 per cent and volume by 3.3 per cent from one year ago. The working day adjusted turnover of other service activities went up by 7.9 per cent from July 2020.

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

Turnover and output grew from the previous month

Seasonally adjusted turnover in service industries rose by 0.6 per cent in July 2021 compared with June. The output of services, from which the impact of prices has been eliminated, grew by 1.0 per cent over the same period. In June of 2021, turnover grew by 1.3 per cent from May, while volume was up by 0.7 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: Aki Niskanen 029 551 2657, Katja Liukkonen 029 551 3515, Tony Valve 029 551 3453, myynti.palvelut@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) (14.9.2021)

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Revisions in these statistics (14.9.2021)

Updated 14.9.2021

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. July 2021. Helsinki: Statistics Finland [referred: 26.11.2024].
Access method: http://www.stat.fi/til/plv/2021/07/plv_2021_07_2021-09-14_tie_001_en.html