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Published: 12 May 2021

Turnover and output in services fell in March

Corrected 9 June 2021. The heading of the second figure has been corrected.

According to Statistics Finland, working day adjusted turnover in service industries fell by 3.8 per cent in March 2021 from March 2020. Service output or volume, from which the impact of prices has been eliminated, fell by 5.3 per cent over the same period. In this year’s February, turnover went down by 8.1 per cent, while volume contracted correspondingly by 7.3 per cent. Services are here examined exclusive of trade.

Annual change in working day adjusted turnover and volume of service industries, %

Development weakest in accommodation and food service activities

In March 2021, the development measured by turnover adjusted for working days was weaker than in the entire service industry in accommodation and food service activities (-30.7%), arts, entertainment and recreation activities (-15.2%), transportation and storage (-6.7%), and administrative and support service activities (-4.5%). The development of the volumes of the industries was also weaker than the average development of the volume of service industries, apart from administrative and support service activities, where the volume went down by 4.9 per cent from March 2020. Over the same period, the volume of accommodation and food service activities fell by 31.7 per cent and that of transportation and storage by 10.9 per cent.

The most favourable development in the main service industries in March 2021 was seen in information and communication, where working day adjusted turnover grew by 3.1 per cent from one year earlier. The industry’s volume went up by 3.6 per cent in the corresponding period. Among the main industries, turnover also grew in real estate activities, where turnover increased by 2.2 per cent from March 2020 while the volume went up by 1.0 per cent. Turnover of other service activities (+0.7%) also improved from one year ago.

Annual change in working day adjusted turnover and volume of service industries, March 2021, % (TOL 2008) (Heading revised. Was previously: February)

Turnover and output contracted from the previous month

Seasonally adjusted turnover in service industries declined in March 2021 by 1.2 per cent compared to February. The output of services, from which the impact of prices has been eliminated, fell by 0.5 per cent over the same period. In February 2021, both turnover and volume were 0.7 per cent up from January.

Change in seasonally adjusted turnover and volume from the previous month of service industries, %

The data for the latest month are preliminary and are released at a delay of around six weeks. The data may become significantly revised particularly on more detailed industry levels in coming months. The volume of service industries is calculated by eliminating the effect of price changes from the turnover index.

The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.

Source: Turnover of service industries, Statistics Finland

Inquiries: Aki Niskanen 029 551 2657, Katja Liukkonen 029 551 3515, Tony Valve 029 551 3453, palvelut.suhdanne@stat.fi

Head of Department in charge: Katri Kaaja

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Appendix tables

• Appendix table 1. Annual change in working day adjusted turnover and volume in sectors of services, % (TOL 2008) (12.5.2021)

Figures

• Appendix figure 1. Turnover and volume of service industries, trend series (12.5.2021)
• Appendix figure 2. Turnover and volume of transportation and storage, trend series (12.5.2021)
• Appendix figure 3. Turnover and volume of information and communication, trend series (12.5.2021)
• Appendix figure 4. Turnover and volume of real estate activities, trend series (12.5.2021)
• Appendix figure 5. Turnover and volume of professional, scientific and technical activities, trend series (12.5.2021)
• Appendix figure 6. Turnover and volume of administrative and support service activities, trend series (12.5.2021)

Revisions in these statistics

• Revisions in these statistics (12.5.2021)

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Updated 12.5.2021