Turnover and output in services grew in December

According to Statistics Finland, working day adjusted turnover in service industries grew by 15.7 per cent in December 2021 from December 2020. Service output or volume, from which the impact of prices has been eliminated, grew by 10.9 per cent over the same period. In November 2021, turnover reached a growth of 15.2 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, %

Service industries most hit by corona still behind December 2019

Growth in working day adjusted turnover in service industries accelerated in December 2021 to 3.7 per cent compared to December 2019 prior to the coronavirus period. In the corresponding period, the volume of service industries grew by 2.3 per cent. However, for some service industries, the development of working day adjusted turnover and volume still remained on a lower level than in December 2019.

In December 2021, development in arts, entertainment and recreation activities was still clearly lower than in the corresponding period of 2019. The working day adjusted turnover of the industry decreased by 23.6 per cent from December 2019. Correspondingly, turnover in accommodation and food service activities was 11.1 per cent lower and volume 12.2 per cent lower than in December of the year prior to the coronavirus period. At the same time, working day adjusted turnover in transportation and storage, decreased 1.9 per cent, while the volume of the industry was still falling by 8.5 per cent.

All main service industries grew in December

Turnover and volume grew in all main service industries in December 2021. Working day adjusted turnover of accommodation and food service activities grew by 48.4 per cent from December 2020 while the volume of the industry rose by 45.4 per cent. In transportation and storage, turnover went up by 26.2 per cent while volume grew by 15.9 per cent. In administrative and support service activities, working day adjusted turnover rose by 21.1 per cent and volume by 14.9 per cent from December the year before.

In other main service industries, development was more subdued than the average development in service industries. In December 2021, working day adjusted turnover in professional, scientific and technical activities increased by 13.8 per cent and volume by 12.8 per cent from the year before. In arts, entertainment and recreation, working day adjusted turnover strengthened by 12.7 per cent from December 2020, while other service activities grew by 12.2 per cent.

In the industry of information and communication, working day adjusted turnover grew by 9.7 per cent in December 2021 while the volume of the industry was growing by 7.6 per cent over the same period. Working day adjusted turnover in real estate activities, in turn, went up by 4.3 per cent and volume by 3.3 per cent from December 2020.

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

Turnover and output grew from the previous month

Seasonally adjusted turnover in service industries rose by 0.6 per cent in December 2021 compared with November. The output of services, from which the impact of prices has been eliminated, grew by 0.3 per cent over the same period. In November of 2021, turnover grew by 2.1 per cent from October, while volume was up by 1.6 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.

Industries of enterprises have been revised in the data released in February

Starting from statistical release published in February 2022 the latest industries defined by the Business Register have been taken into use in the turnover and wage and salary indices. The industry corrections are visible as revised data in some of the published industries for the years 2020-2021. The effects of the changes are taken into consideration in statistics production so that no breaks occur in the time series of the published index series. The interpretation of the statistics also remains unchanged in the renewal. Revisions to annual changes in industries are presented under Revisions in these statistics .

Source: Turnover of service industries, Statistics Finland

Inquiries: Aki Niskanen 029 551 2657, Katja Liukkonen 029 551 3515, myynti.palvelut@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) (15.2.2022)

Figures

Revisions in these statistics

Revisions in these statistics (15.2.2022)

Updated 15.2.2022

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. December 2021. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/plv/2021/12/plv_2021_12_2022-02-15_tie_001_en.html