Industrial trends

Updated: 10 Jul 2018
Next update: 10 Aug 2018

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 May both year-on–year and the month before

Seasonally adjusted industrial output (TOL BCD) grew by 0.9 per cent in May from the month before. According to Statistics Finland, output of industries adjusted for working days was 3.5 per cent higher in May 2018 than in May 2017. During January to May, working day adjusted output went up by 4.6 per cent from the year before.

Seasonally adjusted output went up by 0.9 per cent in May from the month before. In April, seasonally adjusted output declined by 1.7 per cent from March.

Examined by main industry, seasonally adjusted industrial output grew most in May in mining and quarrying, by as much as 57.1 per cent. The favourable May weather was visible as growth in peat production. In the chemical industry, seasonally adjusted output was 1.4 per cent higher in May than in April. Among main industries, a small drop was seen in the forest industry and electricity production.

Statistical release