Industrial output grew in March both from the previous month and from one year back

Seasonally adjusted industrial output (TOL BCD) grew by 1.9 per cent in March from the month before. According to Statistics Finland, industrial output adjusted for working days was 2.8 per cent higher in March 2020 than in March 2019.

Trend and seasonally adjusted series of industrial output (BCD), 2007/01 to 2020/03

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

Examined by main industry, seasonally adjusted industrial output grew in March most in the forest industry, by 39.6 per cent and in the chemical industry, by 23.8 per cent. The normalisation of output after the February strikes is visible in the forest industry as strong growth from the previous month, whereas growth from one year ago was only 0.3 per cent. In the chemical industry, output increased both due to demand caused by the corona epidemic and because of normal demand. Especially in the pharmaceutical industry and viewed by product group, growth occurred in the production of cleaning agents and disinfectants, for example.

Growth was also recorded in the industry of electricity, gas, steam and air conditioning supply, up by 2.9 per cent from the month before. Output decreased in other main industries. Output declined most in mining and quarrying, by 8.6 per cent from the month before. In the electrical and electronics industry and in the metal industry output decreased by 3.0 per cent.

Seasonal adjusted change in industrial output by industry, 02/2020 to 03/2020, %, TOL 2008

Revised data for March 2020 will be published at 8 am on 10 June 2020 in connection with the release of industrial output data for April 2020. The revision is influenced by the estimation used in the latest release, which is based on the Tax Administration's data on self-assessed taxes 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 are also adjusted for working days.

Source: Volume Index of Industrial Output 2020, March. Statistics Finland

Inquiries: Maarit Mäkelä 029 551 3324, Kirsi-Maaria Manninen 029 551 2681, volyymi.indeksi@stat.fi

Director in charge: Mari Ylä-Jarkko

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Industrial output increased by 2.8 per cent year-on-year in March (8.5.2020)

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Updated 8.5.2020

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. March 2020. Helsinki: Statistics Finland [referred: 28.12.2024].
Access method: http://www.stat.fi/til/ttvi/2020/03/ttvi_2020_03_2020-05-08_tie_001_en.html