Industrial output fell by 5.7 per cent year-on-year in October

According to Statistics Finland, output of total industries adjusted for working days was 5.7 per cent lower in October 2011 than twelve months earlier. In September, output went down by 2.4 per cent. In the January to October period, industrial output adjusted for working days grew by 0.9 per cent from twelve months back.

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

In October, seasonally adjusted output went down by 1.2 per cent from September. In September, output declined by 1.0 per cent from the month before. In August, seasonally adjusted output grew by 2.0 per cent from July.

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

Industrial output diminished in most of the main industries in October. Output declined most, by close on 15 per cent, in electricity production. Output went down by 10.8 per cent in the electrical and electronics industry, by 9.2 per cent in the forest industry and by 5.4 per cent in the metal industry. In the chemical industry, output grew by 0.5 per cent. Output increased most in mining and quarrying, which grew by nearly 12 per cent compared with the year before.

Working day adjusted change in industrial output by industry 10/2010-10/2011, %, TOL 2008

Capacity utilisation rate in manufacturing was 79.7 per cent in October, or 3.5 percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 80.9 per cent in October, or 2.1 percentage points lower than in October 2010. Capacity utilisation rate in the metal industry was 79.5 per cent in October, which is 7.1 percentage points higher than in October 2010.

Estimation

The main reason why the data become revised is the estimation used for the electrical and electronics industry (26-27), because 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. The tax data cover nearly 70 per cent of the production of enterprises with fewer than 50 employees, which account for around 13 per cent of industrial output. The periodic tax return 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 October. The Tax Administration’s data have been available when calculating the now released revised data for September.

Revised data for October will be published at 9 am on 10 January 2012 in connection with the release of industrial output data for November. 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, October. 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 fell by 5.7 per cent in October (9.12.2011)

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Updated 9.12.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. October 2011. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ttvi/2011/10/ttvi_2011_10_2011-12-09_tie_001_en.html