Industrial trends

Updated: 10 Sep 2021
Next update: 8 Oct 2021

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 grew in July both from the previous month and from one year back

Seasonally adjusted industrial output (TOL BCD) grew by 1.0 per cent in July from the month before. According to Statistics Finland, industrial output adjusted for working days was 5.0 per cent higher in July 2021 than in July 2020.

Examined by main industry, seasonally adjusted industrial output grew most in July in the industry of mining and quarrying, by 4.0 per cent from the previous month. In the food industry, output grew by 1.3 per cent and in the metal industry by 0.9 per cent compared to June. Output fell in the other main industries. Output in the electrical and electronics industry decreased by 3.5 per cent and in the chemical industry by 0.7 per cent from the month before.

Statistical release