Turnover in industry decreased by 8,9 per cent in May

According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) decreased in May by 8.9 per cent year-on-year. Of the main industries, turnover declined most in the chemical industry, by 31.4 per cent and in the forest industry, by 15.6 per cent from one year earlier. Seasonally adjusted turnover in industry (TOL BCD) grew by 0.1 per cent compared with April. The exceptional situation caused by coronavirus had an effect on the development of some of the manufacturing industries.

Annual change in working day adjusted turnover in manufacturing (BCD), % (TOL 2008)

In addition to the chemical industry and the forest industry, turnover decreased in the textile, clothing and leather industry, by 15.0 per cent, in electricity, gas, steam and air conditioning supply, by 11.6 per cent, and in the food industry, by 4.2 per cent from the previous year. Correspondingly, among the main industries, growth was strongest in mining and quarrying, 35.5 per cent, and the electronic and electrical industry, 30.3 per cent, year-on-year. Turnover in the metal industry also went up by 3.4 per cent in May.

Annual change in working day adjusted turnover in manufacturing by industry, May 2020, % (TOL 2008)

Export turnover decreased in all main industries in April

Among the main industries, export turnover adjusted for working days decreased most in April in the chemical industry, by 19.3 per cent, in the textile, clothing and leather industry, by 18.7 per cent, and in the forest industry, by 18.2 per cent, from the year before. Export turnover also decreased in mining and quarrying, by 10.2 per cent, in the metal industry, by 9.1 per cent, in the electronic and electrical industry, by 5.1 per cent, and in the food industry, by 2.2 per cent year-on-year.

Annual change in working day adjusted export turnover and domestic turnover in manufacturing by industry, April 2020, % (TOL 2008)

Among the main industries, domestic turnover decreased most in April in the chemical industry, by 26.7 per cent, in the textile, clothing and leather industry, by 12.5 per cent, and in the food industry, by 12.4 per cent from the previous year. Among the main industries, domestic turnover went up only in mining and quarrying, by 6.9 per cent compared to the previous year.

Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), January 2007 to April-May 2020, % (TOL 2008)

The index of turnover in industry describes enterprises whose main industry is manufacturing. The calculation of the indices is based on the Tax Administration’s self-assessed tax data which are supplemented with data obtained with Statistics Finland’s sales inquiry. The monthly turnovers of manufacturing enterprises can vary considerably, especially in the metal industries. The variation is mainly due to invoicing practices. The final invoice for major machinery deliveries and projects may be recorded in the sales of one month, even if the delivery had required the work of several months or years.

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.

In terms of turnover, 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. Export turnover and domestic turnover are, for the time being, still released at a delay of two and a half months.

Source: Index of turnover in industry 2020, May, Statistics Finland

Inquiries: Maija Sappinen 029 551 3348, Heli Suonio 029 551 2481, myynti.teollisuus@stat.fi

Director in charge: Mari Yl�-Jarkko

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Appendix tables

Appendix table 1. Annual change of working-day adjusted turnover in industries of manufacturing, % (TOL 2008) (15.7.2020)

Figures

Appendix figure 1. Change from the previous month in seasonally adjusted turnover in manufacturing (BCD), % (TOL 2008) (15.7.2020)

Revisions in these statistics

Revisions in these statistics (15.7.2020)

Updated 15.7.2020

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover in industry [e-publication].
ISSN=1798-596X. May 2020. Helsinki: Statistics Finland [referred: 29.12.2024].
Access method: http://www.stat.fi/til/tlv/2020/05/tlv_2020_05_2020-07-15_tie_001_en.html