Industrial output grew by 6 per cent in May

According to Statistics Finland, output of total industries adjusted for working days was 6 per cent higher in May 2011 than twelve months earlier. In April, output was 6.2 per cent higher than in April 2010. In the January to May period, industrial output adjusted for working days grew by 4.3 per cent from twelve months back.

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

In May, seasonally adjusted output went up by 1.6 per cent from April. In April, output increased by 1.2 per cent from the previous month. In March, seasonally adjusted output went up by 0.4 per cent from February.

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

Output went up in most main industries in May. Output increased most, or by as much as 39.4 per cent, in mining and quarrying. In the chemical industry, output was 18.6 per cent higher in May than one year ago. In the food industry, output grew by 5.6 per cent. Output in the metal industry was 4.8 per cent higher than one year previously. In the forest industry, output decreased by 2.5 per cent in May.

Working day adjusted change in industrial output by industry 5/2010-5/2011, %, TOL 2008

Capacity utilisation rate in manufacturing was 85.2 per cent in May, or 10.8 percentage points higher than twelve months earlier. In the forest industry, capacity utilisation rate was 90.7 per cent in May, or 4.9 percentage points higher than in May 2010. In the metal industry, capacity utilisation rate was 88.7 per cent in May, or 19.3 percentage points higher than one year earlier.

Estimation

Statistics Finland has increased the use of estimation. The main reason why the data become revised is the estimation used for activities 26-27. Some listed companies do not provide their data within the production timetable of the statistics so these data have to be estimated. This has to be done eight times per year. For instance, the data for May were estimated. The Tax Administration’s periodic tax return 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 May. The Tax Administration’s 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 will be published at 9 am on 10 August 2011 in connection with industrial output data for June. 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 2011, May. Statistics Finland

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

Director in charge: Hannele Orjala

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Industrial output grew by 6.0 per cent in May (8.7.2011)

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Updated 8.7.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. May 2011. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ttvi/2011/05/ttvi_2011_05_2011-07-08_tie_001_en.html