Strong growth of industrial output continued in June

According to Statistics Finland, output of total industries adjusted for working days was 14.5 per cent higher in June 2010 than twelve months earlier. In May output was 13.2 per cent higher than one year earlier. In January to June 2010 industrial output has grown by 7.8 per cent from one year back.

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 June, seasonally adjusted output went up by 2.1 per cent from the previous month. In May output increased by 1.9 per cent from April. In April seasonally adjusted output went up by 3.1 per cent from March.

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

All the main industries grew in June. Output rose most in the forest industry, by nearly 31 per cent. Output in the metal industry (excl. electrical and electronics industry) grew by almost 26 per cent. In the chemical industry, working day adjusted output went up by 13 per cent in June. In the food industry output also rose by 4.5 per cent, while in May its output still fell by good two per cent.

Working day adjusted change in industrial output by industry 6/2009-6/2010, %, TOL 2008

Capacity utilisation rate in manufacturing continued to rise. In June it was 78 per cent, or 13.8 percentage points higher than twelve months earlier. In the forest industry capacity utilisation rate was 83 per cent, and had risen by good 24 percentage points from one year back. In the metal industry capacity utilisation was 74 per cent in June, or 14 percentage points higher than one year earlier.

Estimation

Statistics Finland has increased the use of estimation. The Tax Administration's value added tax 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 industrial output 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 June. The Tax Administration's payment control data will be available when releasing data for the month for the second time, i.e. in the data for May.

Revised data for June 2010 will be published at 9 am on 10 September 2010 in connection with the release of industrial output data for July 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 are also adjusted for working days.

Source: Volume Index of Industrial Output 2010, June. 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 14.5 per cent in June (10.8.2010)

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Updated 10.08.2010

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. June 2010. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ttvi/2010/06/ttvi_2010_06_2010-08-10_tie_001_en.html