Industrial trends 

Updated: 10.1.2018 - Next update: 9.2.2018
   
 
 
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Industrial output grew by 3.4 per cent year-on year in November

According to Statistics Finland, output of total industries adjusted for working days was 3.4 per cent higher in November 2017 than in November 2016. Adjusted for working days, industrial output went up by 3.5 per cent in January to November from one year back.

Seasonally adjusted output went up by 0.5 per cent in November from the month before. In October, seasonally adjusted output grew by 0.1 per cent from September. In September, seasonally adjusted output grew by 0.4 per cent from August.

In November, output grew in several main industries. Output increased most in mining and quarrying by 9.6 per cent. In the forest industry, output went up by 6.9 per cent. Output in the metal industry went up by 6.1 per cent from one year ago and in the food industry by 4.1 per cent year-on-year. Output declined most, by 4.7 per cent, in the chemical industry.

Statistical release

Source:
Statistics Finland / Volume index of industrial output


Description of indicator

The volume index of industrial output describes the relative change in the volume of industrial output at fixed prices when compared with a specific base period. The volume index of industrial output is based on an inquiry sent to enterprises or establishments. Enterprises and establishments are asked about volume or value data every month.

An adjustment for working days takes into account influences arising from the number of working days.

Economic conditions for industry widely affect the growth of society and the balance of general government finances. Fluctuations in economic conditions for industry are reflected in the sector-specific development of the labour market and the diversity of the economic structure, which in turn are reflected in the level of investment, construction and jobs. In addition to general economic development, economic conditions are also reflected in the vitality and competitiveness of the labour market’s operating environment.

Furthermore, the industrial development trend has spill-over effects into industrial sector-specific growth, which is evident, for example, in energy consumption trends, particularly in the energy-intensive sectors of industry. One role of the public sector is to encourage sustainable and energy-efficient business activity and at the same time to ensure good operating conditions for businesses through reasonable taxation as well as political action that activates business and industry and promotes competitiveness.