Industrial trends

Updated: 10 Jul 2019
Next update: 9 Aug 2019

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.

   

Industrial output decreased in May both year-on-year and from the month before

Seasonally adjusted industrial output (TOL BCD) fell by 2.8 per cent in May from the month before. According to Statistics Finland, industrial output adjusted for working days was 0.3 per cent lower in May 2019 than in May 2018. During January to May, working day adjusted output went up by 1.6 per cent from the year before.

Examined by main industry, seasonally adjusted industrial output decreased most in May in mining and quarrying, by as much as 37.5 per cent due to several shutdowns. Output in the electrical and electronics industry fell by 8.5 per cent compared with the previous month, by 4.5 per cent in the metal industry, and by 0.6 per cent in the chemical industry. In May, output increased most in electricity, gas steam and air conditioning supply, by 2.6 per cent and in the forest industry, by 0.3 per cent.

Statistical release