Industrial output grew by 4.2 per cent year-on year in December

According to Statistics Finland, output of total industries adjusted for working days was 4.2 per cent higher in December 2017 than in December 2016. Statistics Finland's preliminary data indicate that industrial output grew by 3.3 per cent last year. Industrial output has reached the post-financial crisis level of 2010, but is still 14 per cent below the year 2008.

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

Seasonally adjusted industrial output was in December on level with November. In November, seasonally adjusted output increased by 0.8 per cent from October. In October, seasonally adjusted output grew by 0.1 per cent from September.

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

In December, output grew in several main industries. Output grew most in the forest industry, by 7.2 per cent. In the food industry, output grew by 4.9 per cent. In the metal industry, output increased by 2.5 per cent. Output declined most in the electrical and electronics industry, by 4.4 per cent.

Working day adjusted change in industrial output by industry 12/2016-12/2017, %, TOL 2008

In December, capacity utilisation rate in manufacturing (C) was 81.8 per cent, or 1.4 percentage points higher than one year earlier. Capacity utilisation rate in the forest industry was 85.8 per cent in December, which was 0.1 percentage points higher than one year earlier. In the metal industry, capacity utilisation rate was 85.2 per cent in December, which was 3.3 percentage points higher than one year earlier.

Revised data for December 2017 will be published on 9 March 2018 at 9 am in connection with the release of industrial output data for January 2018. 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.

The base year 2015=100 will be utilised for the calculation of the Volume Index of Industrial Output starting from the statistics for January 2018. Data calculated with the new base year will be released for the first time on 9 March 2018.

Starting from data for January, industry-specific capacity utilisation rate data and data on industry E Water supply; sewerage, waste management and remediation activities are no longer produced. In future, total industry comprises industries BCD.

The calculation method is changed to better correspond with Eurostat's recommendations. In place of the so-called over-the-year method, the data are calculated with the so-called annual overlap method.

Source: Volume Index of Industrial Output 2017, December. Statistics Finland

Inquiries: Kari Rautio 029 551 2479, Maarit M�kel� 029 551 3324, volyymi.indeksi@stat.fi

Director in charge: Sami Saarikivi

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Industrial output grew by 4.2 per cent year-on year in December (9.2.2018)

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Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. December 2017. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ttvi/2017/12/ttvi_2017_12_2018-02-09_tie_001_en.html