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Industrial output fell by 7.5 per cent in May from one year back

According to Statistics Finland, seasonally adjusted industrial output was 7.5 per cent lower in May 2005 than in May 2004. Seasonally adjusted output for the January to May period declined by 1.6 per cent from one year back.

Seasonally adjusted change in industrial output
from corresponding month of previous year, %

The industrial action in the paper industry was reflected in the figures on output in May. Among the main industries, output fell by most, or by as much as 41.4 per cent, in the wood and paper industry. The industrial action also affected the production and consumption of electricity. Energy supply declined by 23.5 per cent. Output went up by most, or 4.2 per cent, in the chemical industry. Manufacture of electrical and electronic products increased by 2.9 per cent. In the metal industry, output was up by 2.3 per cent year-on-year in May.

Seasonally adjusted change in industrial output 5/2004-5/2005, %

The declining trend in Finnish industrial output gathered momentum. The trend in industrial output has been falling since last year's September. The trend in Finnish industrial output is approaching the level of the other EU countries.

 

Trend in industrial output 1999-2005, (Finland and EU 25), 2000=100

In the metal industry, the downward trend came to a halt in April. In 2003, the metal industry accounted for 48 per cent of the total value added of Finnish industry. In the wood and paper industry, the trend turned to a slight decline in the early part of the year. The share of the wood and paper industry of the total value added was 16 per cent. The trend in the chemical industry was falling in May. The chemical industry generated 9 per cent of the total value added.

Trend in industrial output 1999-2005, May
(Chemical industry, wood and paper industry and metal industry), 2000=100

Measured in terms of value added, the manufacture of electrical and electronic products has become Finland's most important industry. Its share of the total value added was 24 per cent in 2003. The trend in the manufacture of electrical and electronic products took a slight swing upwards in May. In the other metal industry, which accounted for 24 per of the total value added, output has followed an evenly modest path.

Trend in industrial output 1999-2005, May
(Manufacture of electrical and electronic products and other metal industry), 2000=100

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Last updated 30.6.2005