Industrial output decreased by 3.5 per cent year-on-year in August

According to Statistics Finland, output of total industries adjusted for working days was 3.5 per cent lower in August 2014 than twelve months earlier. In the January to August period, industrial output adjusted for working days went down by four per cent compared with the corresponding period in 2013. The prolonged decline in industrial output has also been reflected in the production of investment goods. In the January to August period the production of investment goods decreased by 11,1 per cent from the corresponding period in 2013.

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

In August, seasonally adjusted output went down by 0.7 per cent from July. In July, seasonally adjusted output grew by 0.7 per cent. In June, output decreased by 0.3 per cent from the previous month.

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

Industrial output diminished in almost all main industries. Mining and quarrying declined most, by good 14 per cent. In the chemical industry, output decreased by 7.1 per cent year-on-year. Output in the metal industry fell by 3.8 per cent.

Working day adjusted change in industrial output by industry 8/2013-8/2014, %, TOL 2008

Capacity utilisation rate in manufacturing (C) was 78.3 per cent in August, or 1.3 percentage points lower than one year earlier. In the forest industry, capacity utilisation rate was 81 per cent in August, or 2.3 percentage points lower than in August 2013. In the metal industry, capacity utilisation rate was 78.6 per cent in August, which was 0.2 percentage points higher than one year earlier.

Revised data for August 2014 will be published at 9 am on 10 November 2014 in connection with the release of industrial output data for September 2014. The revision is influenced by the estimation used in the latest release which concerns the periodic tax return data used for enterprises with fewer than 50 employees. 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 2014, August. Statistics Finland

Inquiries: Kari Rautio 029 551 2479, Heidi Myllyl� 029 551 3792, volyymi.indeksi@stat.fi

Director in charge: Hannele Orjala

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Industrial output decreased by 3.5 per cent year-on-year in August (10.10.2014)

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Updated 10.10.2014

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. August 2014. Helsinki: Statistics Finland [referred: 26.11.2024].
Access method: http://www.stat.fi/til/ttvi/2014/08/ttvi_2014_08_2014-10-10_tie_001_en.html