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Industrial output fell by 4.0 per cent in August from one year back

According to Statistics Finland, seasonally adjusted industrial output was 4.0 per cent lower in August 2005 than in August 2004. Heavy rains in August hampered peat harvesting, which also had a minor lowering effect on total industrial output.

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

In August, output declined most year-on-year, or by as much as 25 per cent, in energy supply. Behind the decline is strong growth in the imports of energy. Manufacture of electrical and electronic products diminished by good 13 per cent in August. Output in the chemical industry contracted by one per cent. Output in other metal industry turned sharply towards growth in August, largely thanks to strong growth in the manufacture of transport equipment. Manufacture of machinery and equipment also grew briskly in August.

Seasonally adjusted change in industrial output 8/2004-8/2005, %

 

The prolonged declining trend in Finnish industrial output came to a halt and turned towards slight growth in July. The trend in industrial output is now rising at the same rate in Finland and in the other EU countries.

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

In the metal industry, the trend turned upwards in the summer. 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 upwards in July. Ending of the industrial action in the industry was behind the growth The share of the wood and paper industry of the total value added was 16 per cent. The trend in the chemical industry showed slight decline. The chemical industry generated 9 per cent of the total value added.

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

Measured in terms of value added, 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 has been declining throughout the early part of the year. In other metal industry, which accounted for 24 per of the total value added, the trend has turned upwards.

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

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Last updated 30.9.2005