Home > Statistics > Trend Indicator of Output > 2020 > July > Output of the national economy fell in July from the year before, growth from the previous month

Published: 15 September 2020

Output of the national economy fell in July from the year before, growth from the previous month

Adjusted for working days, output fell by 2.8 per cent in July 2020 from one year back. In July, seasonally adjusted output grew by 0.9 per cent from the month before. According to revised data, working day adjusted output fell in June 2020 by 4.2 per cent (previously -4.8 per cent) from June 2019.

Volume of total output 2005 to 2020, trend and seasonally adjusted series

The series of the Trend Indicator of Output 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. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

Working day adjusted change of total output from previous year’s corresponding month, %

Working day adjusted primary production grew by around nine per cent, secondary production fell by some five per cent and services by about three per cent from July 2019.

Primary production refers to agriculture, hunting, forestry and fishing. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.

Source: Trend Indicator of Output 2020 July, Statistics Finland

Inquiries: Antti Kosunen 029 551 3613, Mikko-Waltteri Sihvola 029 551 3062, kansantalous.suhdanteet@stat.fi

Head of Department in charge: Mari Ylä-Jarkko

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Updated 15.9.2020