Press release 20.4.2005

GDP growing in February

According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP grew by 0.4* per cent in February. The trend of GDP also indicates that the economy has stayed on level with the previous month.

*The figure corrected, previously reported 0.5 per cent.

Volume of GDP in 1995-2005, trend and seasonally adjusted series

The series of the Monthly Indicator of GDP are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods.

GDP grew by 2.1 per cent from February 2004

The volume of GDP rose by 2.1 per cent in February 2005 compared with the previous year's February. Of the six main industries of the Monthly Indicator only manufacturing declined slightly. In February 2005 the number of working days was equal to the corresponding month of the previous year.

Percentage changes of GDP from the previous year's corresponding month

Industrial output went down by 0.4 per cent from February 2004. The output volumes of the whole metal industry and of its sub-sector, the manufacture of electronic and electrical equipment both remained on level with last year's February. Output in the wood and paper industry rose by 2 per cent and other manufacturing by 1 per cent. Energy supply fell by 11 per cent.

Sale volumes of trade increased by 5 per cent. Sales of motor vehicles and wholesale trade both grew by five per cent, and retail trade by good 7 per cent.

The volume of primary production remained on level with February 2004. Milk production went down by 5 per cent. The volume of fellings rose by 4 per cent.

Transport increased by 3 per cent. Construction grew by 2 per cent. Output in other service industries was nearly 3 per cent higher than in February 2004.

The Monthly Indicator of GDP is based on twelve monthly series on different industries of the economy. The series are summed up by weighting. The purpose of the Monthly Indicator is to anticipate the development of the quarterly gross domestic product calculated later with more detailed data.

Source: Monthly Indicator of GDP 2005, February. Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667