Industrial trends

Updated: 10 Mar 2020
Next update: 10 Apr 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 decreased in January both from the previous month and from one year back

Seasonally adjusted industrial output (TOL BCD) decreased by 0.8 per cent in January from the month before. According to Statistics Finland, industrial output adjusted for working days was 1.8 per cent lower in January 2020 than in January 2019.

Examined by main industry, seasonally adjusted industrial output grew in January only in the food industry, by 1.0 per cent, and in the chemical industry, by 0.1 per cent. Industrial output fell in all other main industries from the month before. The fall in output was strongest in the electrical and electronics industry, 11.3 per cent. The fall was more moderate in other industries. Industrial output decreased by 4.5 per cent in mining and quarrying, by 3.1 per cent in electricity, gas, steam and air conditioning supply and by 2.6 per cent in the forest industry compared with the previous month.

Statistical release