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Information about revisions of data for 2008 to the Volume Index of Industrial Output

Statistics Finland is in the process of revising its monthly volume index of industrial output so that it will describe output at constant prices. Exploitation of data on the value of industrial activity, deflated with suitable price indices, will be gradually increased in the calculation of the index. Some of the data on value will not become available to Statistics Finland within the time lag of approximately 30 days of the monthly releasing schedule of the index. Because of this there will be more frequent revisions to the data within a year than in the past.

The aim in adopting this new method is considerably faster achievement of the final accuracy of the volume index than before. For this reason the index will become revised four times per year, and there will no longer be any final updating in connection with the calculation of the annual volume index as in the past.

In the current year, the volume index data for earlier months will become revised on the following dates:

Revised data for January and February will become available when the volume index for March is published on 30 April.

Revised data for the months from January to May will become available when the volume index for June is published on 31 July. In connection with this revision, weight shares by establishment will be updated to correspond with 2007.

Revised data for July and August will become available when the volume index for September is published on 31 October.

Revised data for the whole of 2008 will become available on 30 January 2009. In connection with this revision, value added weights by industry will be updated to correspond with the latest reference year, in other words 2007. The seasonal adjustment models will also be updated.

Additionally, revisions may become necessary because data suppliers amend the data they have reported earlier. Such revisions are made as soon as the new data are received.

For more information (in Finnish), see http://tilastokeskus.fi/org/tilastokeskus/tkhankkeet_teollisuus.html

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Last updated 30.4.2008