Turnover and output in services grew in August

According to Statistics Finland, working day adjusted turnover in service industries grew by 9.7 per cent in August 2021 from August 2020. Service output or volume, from which the impact of prices has been eliminated, grew by 7.6 per cent over the same period. In this year’s July, turnover reached a growth of 12.3 per cent, while volume went up by 10.9 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 August 2019

Adjusted for working days, turnover in service industries fell by 1.7 per cent in August 2021 compared to August 2019 prior to the coronavirus period. In turn, the volume of the industry went down by 1.1 per cent in the corresponding time. For some of service industries, the development of working day adjusted turnover remained lower than in August 2019.

In transportation and storage, turnover fell by 15.0 per cent and volume by 17.6 per cent from August 2019. Turnover in accommodation and food service activities fell by 7.7 per cent and volume by 8.8 per cent from August two years ago. In the industry of arts, entertainment and recreation, working day adjusted turnover went down by 18.1 per cent from August 2019. In turn, working day adjusted turnover (-0.1%) in administrative and support service activities remained almost on level with the previous year, while the volume of the industry went down by 1.9 per cent. The turnover of other service activities correspondingly declined by 1.4 per cent from August 2019.

All main service industries grew from August 2020

Turnover and volume grew in all main service industries from August 2020. In transportation and storage, turnover went up by 12.0 per cent and volume by 4.0 per cent. Working day adjusted turnover in accommodation and food service activities rose by 11.7 per cent and volume by 10.8 per cent from August one year ago.

Working day adjusted turnover in administrative and support service activities grew by 10.4 per cent and volume by 6.3 per cent from August 2020. Working day adjusted turnover in information and communication activities went up by 10.0 per cent and volume by 8.5 per cent from the previous year.

In August 2021, working day adjusted turnover in professional, scientific and technical activities increased by 9.0 per cent and volume by 8.2 per cent. In August 2021, working day adjusted turnover in real estate activities went up by 5.0 per cent and volume by 4.0 per cent from one year ago. In August 2020, working day adjusted turnover in arts, entertainment and recreation grew by 8.5 per cent, while turnover in other service activities went up by just 2.5 per cent.

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

Turnover and output contracted from the previous month

Seasonally adjusted turnover in service industries declined by 0.3 per cent in August 2021 compared with July. The output of services, from which the impact of prices has been eliminated, fell by 0.5 per cent over the same period. In July of 2021, turnover grew by 0.8 per cent from June, while volume was up by 1.1 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.

New tables for the index of turnover of service industries

Statistics Finland starts publishing data on revisions to the turnover and volume data of service industries in the StatFin database service. The published data allow better monitoring of the relevance of industry-specific change percentages. More about this under Changes in these statistics .

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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Tables

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Appendix tables

Appendix table 1. Annual change in working day adjusted turnover and volume in sectors of services, % (TOL 2008) (15.10.2021)

Figures

Revisions in these statistics

Revisions in these statistics (15.10.2021)

Updated 15.10.2021

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. August 2021. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/plv/2021/08/plv_2021_08_2021-10-15_tie_001_en.html