Industrial output grew by 1.3 per cent in July

According to Statistics Finland, output of total industries adjusted for working days was 1.3 per cent higher in July 2011 than twelve months earlier. In June, output decreased by 0.5 per cent. In the January to July period, industrial output adjusted for working days grew by 3.6 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 July by 0.4 per cent compared with the previous month. In June, output decreased by 3.4 per cent from the previous month. In May, seasonally adjusted output increased by 2.3 per cent from April.

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

The biggest increase in output was recorded in the metal industry, where it went up by 8.1 per cent. Output in the electrical and electronics industry grew by 1.3 per cent. In the forest industry, output decreased by 3.2 per cent in July. In the food industry, output was 3.3 per cent lower than one year before. In the chemical industry, output went down by 3.5 per cent in July from one year ago.

Working day adjusted change in industrial output by industry 7/2010-7/2011, %, TOL 2008

Capacity utilisation rate in manufacturing was 70.4 per cent in July, or 0.6 percentage points higher than twelve months earlier. In the forest industry, capacity utilisation rate was 79.6 per cent in July, or 4.7 percentage points higher than in July 2010. In the metal industry, capacity utilisation rate was 67.2 per cent in July, i.e. on level with one year before.

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. 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 July. The Tax Administration's data will be available when releasing data for the month for the second time, i.e. in the data for June.

Revised data for July will be published at 9 am on 10 October 2011 in connection with the release of industrial output data for August. 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, July. 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 1.3 per cent in July (9.9.2011)

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Updated 9.9.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. July 2011. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ttvi/2011/07/ttvi_2011_07_2011-09-09_tie_001_en.html