Industrial trends

Updated: 9 Oct 2020
Next update: 10 Nov 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 grew in August from the month before but fell from the previous year

Seasonally adjusted industrial output (TOL BCD) grew by 2.0 per cent in August from the month before. According to Statistics Finland, industrial output adjusted for working days was 2.4 per cent lower in August 2020 than in August 2019. Adjusted for working days, industrial output went down by 3.1 per cent in January to August from one year back.

Examined by main industry, seasonally adjusted industrial output grew most in August in the electrical and electronics industry, by 13.4 per cent previous month. Output grew in mining and quarrying and in the metal industry by 4.8 per cent compared with July. The decline in output was strongest in electricity, gas, steam and air conditioning supply, where output decreased by 4.8 per cent from the month before. In the forest industry, the fall amounted to 2.2 per cent and in the chemical industry to 1.0 per cent compared with July.

Statistical release