Strong growth of industrial output continued in May

According to Statistics Finland, output of total industries adjusted for working days was 11.3 per cent higher in May 2010 than twelve months earlier. In April output was 7.5 per cent higher than one year earlier. In the first five months of 2010 industrial output has grown by 5.7 per cent from one year back. Although industrial output has gone up in the early part of the year it is still nearly 20 per cent lower than in the peak year of 2008.

Working day adjusted change in industrial output (BCDE) from corresponding month previous year, %, TOL 2008

Apart from a downswing in February, seasonally adjusted output has been rising since last year’s October. In May, seasonally adjusted output went up by 1.5 per cent from the previous month. In April output grew by 2.3 per cent from March. In March seasonally adjusted output went up by 1.3 per cent from February.

Seasonally adjusted change in industrial output (BCDE) from previous month, %, TOL 2008

Apart from the food industry, output rose in all main industries in May. The biggest increase of output, 23 per cent, was recorded in the metal industry, excl. manufacture of electrical and electronic products. Output continued to grow in the forest industry where it went up by 20 per cent in May. In the chemical industry, output adjusted for working days went up by good 7 per cent in May. Output adjusted for working days fell by most, or by just short of 3 per cent, in the food industry.

Working day adjusted change in industrial output by industry 5/2009-5/2010, %, TOL 2008

Capacity utilisation rate in manufacturing continued to rise. In May it was 74 per cent, or 6.5 percentage points higher than twelve months earlier. In the forest industry capacity utilisation rate was 85 per cent, and had risen by 13 percentage points from one year back. In the metal industry capacity utilisation rate was 69 per cent in May, or good 6 percentage points higher than one year earlier.

Estimation

Statistics Finland has increased the use of estimation and around ten per cent of the index for May was estimated. In the Electrical and electronics industry (26-27) estimation was used in the calculation of the May index. In addition, the Tax Administration’s payment control data are used to compile statistics on the output of enterprises with fewer than 50 employees. Enterprises with fewer than 50 employees account for around 13 per cent of total industries and these data cover nearly 70 per cent of the production of enterprises with fewer than 50 employees. These data are not at Statistics Finland's disposal by the release date of the volume index of industrial output. For this reason the data on these enterprises are estimated for the month the release relates to, i.e. in this case May. The payment control data will be available when releasing data for the month for the second time, i.e. in the data for April.

Revised data for May 2010 will be published at 9 am on 10 August 2010 in connection with industrial output data for June 2010. Because of the method used, seasonally adjusted figures for previous months may change even if the original figures do not become revised. The seasonally adjusted figures will also be adjusted for working days.

Source: Volume Index of Industrial Output 2010, May. Statistics Finland

Inquiries: Kari Rautio (09) 1734 2479, Jukka Appelqvist (09) 1734 3391, volyymi.indeksi@stat.fi

Director in charge: Hannele Orjala

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Industrial output grew by 11.3 per cent in May (9.7.2010)

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Updated 09.07.2010

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. May 2010. Helsinki: Statistics Finland [referred: 26.11.2024].
Access method: http://www.stat.fi/til/ttvi/2010/05/ttvi_2010_05_2010-07-09_tie_001_en.html