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Advance information about revisions to the Volume Index of Industrial Output

Starting from the release of the Volume Index of Industrial Output on 8 March 2019, changes will be made to the statistics to improve the quality of the statistics and their coherence with national accounts.

The use of value data is increased in the Volume Index of Industrial Output. Value data primarily derive from the data of the index of turnover in industry. Statistics Finland's own collection of volume index data is reduced from the present around 800 enterprises or establishments to about 400 enterprises or establishments.

Until now, the value data of the Volume Index of Industrial Output have been deflated by means of producer prices for manufactured goods. From the data for January, joint data with national accounts are used as deflators. The deflators in question are calculated from the commodity level. They are more accurate than at present and they also take into account changes in secondary production prices of the enterprises classified into the industry.

The statistics are calculated so that only either value or volume data are used as a rule on the 3-digit level. Thus far, both volume and value data have been used for every industry in the calculation. Increasing the use of deflated turnover data makes it possible to accelerate turnover data. Data can be produced within the release schedules of the Volume Index of Industrial Output, that is, at a lag of around 40 days.

At the same time, the industry-specific value added weights and stratum-specific gross value weights are changed to correspond to the situation in 2017. Seasonal adjustment models are also updated. These updates also cause changes to the data of earlier months and years.

Methodological and quality descriptions published in connection with the volume index data for January contain more information about the changes mentioned above (in Finnish only).

The table below shows the industry-specific value added shares for the value added of total industries (BCDE) in 2015, 2016 and 2017.

Table 1. Value added shares in industries in 2015, 2016 and 2017

TOL 2008	Value added share 2015 (%)	Value added share 2016 (%)	Value added share 2017 (%)
Total industries (BCD)	100	100	100
Mining and quarrying (B)	1.6	1.9	2.6
Manufacturing (C)	88.6	86.7	86.5
Food industry (10-11)	8.3	8.1	7.2
Forest industry (16-17)	14.2	12.8	13.2
Chemical industry (19-22)	14.4	15.8	15.7
Metal industry (24-30, 33)	44.1	44.2	45.0
Electrical and electronics industry (26-27)	13.2	12.5	13.0
Manufacture of transport equipment (29-30)	2.8	3.1	2.8
Electricity, gas, steam and air conditioning supply (D)	11.2	11.4	10.9

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Last updated 8.2.2019