Industrial trends

Updated: 10 Jul 2020
Next update: 10 Aug 2020

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 fell in May both from the previous month and from one year back

Seasonally adjusted industrial output (TOL BCD) fell by 1.2 per cent in May from the month before. According to Statistics Finland, industrial output adjusted for working days was 3.8 per cent lower in May 2020 than in May 2019. There were two working days fewer in May 2020 than in May 2019. During January to May, working day adjusted output went down by 1.7 per cent from the year before.

Examined by main industry, seasonally adjusted industrial output grew most in May in the electrical and electronics industry, by 8.2 per cent, and in the metal industry, by 1.3 per cent compared to the previous month. Output fell most from the previous month in the chemical industry, 9.8 per cent, in mining and quarrying, 9.1 per cent and in the forest industry, 2.2 per cent.

Statistical release