Growth in industrial output slowed down to 0.4 per cent in June

According to Statistics Finland, output of total industries adjusted for working days was 0.4 per cent higher in June 2011 than twelve months earlier. In May, output was 9.2 per cent higher than in May 2010. In the January to June period, industrial output adjusted for working days grew by 4.9 per cent from twelve months back.

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

Seasonally adjusted output fell in June by three per cent compared with the previous month. In May, output increased by 2.3 per cent from the previous month. In April, seasonally adjusted output went up by 2.1 per cent from March.

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

Output increased most in mining and quarrying, by 18 per cent. Output in the electrical and electronics industry went up by 10.2 per cent. Output also continued to grow in the metal industry in June, where it increased by 7.3 per cent. In the chemical industry, output went down by 9.9 per cent in June from one year ago. In the food industry, output was 6.1 per cent lower than one year before. In the forest industry, output decreased by 6.9 per cent in June.

Working day adjusted change in industrial output by industry 6/2010-6/2011, %, TOL 2008

Capacity utilisation rate in manufacturing 80.5 per cent in June, or three percentage points higher than twelve months earlier. In the forest industry, capacity utilisation rate was 80.5 per cent in June, or 2.8 percentage points lower than in June 2010. In the metal industry, capacity utilisation rate was 80.9 per cent in June, or 6.8 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 April and May were estimated. In connection with the data for June, the data for the April to May period were also obtained and they became revised upwards. 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 June. The Tax Administration’s data will be available when releasing data for the month for the second time, i.e. in the data for May.

Checking of weights

In accordance with the calculation principle of the chain index, establishment and industry-specific weights are changed annually. Changes in weights have also had some impact at the level of total industries.

Heading-specific weights were revised in the release for June. The change in weights has had some effects on the point figures and change percentages for the early part of the year.

Revised data for June 2010 will be published at 9 am on 9 September 2011 in connection with the release of industrial output data for July. 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, June. Statistics Finland

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

Director in charge: Hannele Orjala

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Industrial output grew by 0.4 per cent in June (10.8.2011)

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Updated 10.8.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. June 2011. Helsinki: Statistics Finland [referred: 26.11.2024].
Access method: http://www.stat.fi/til/ttvi/2011/06/ttvi_2011_06_2011-08-10_tie_001_en.html