Turnover in industry decreased by 10.3 per cent in July

According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) decreased in July by 10.3 per cent year-on-year. Of the main industries, turnover declined most in the forest industry, by 19.2 per cent from one year earlier. Seasonally adjusted turnover in industry (TOL BCD) fell by 1.5 per cent compared with June. The exceptional situation caused by coronavirus had an effect on the development of some of the industrial activities.

Annual change in working day adjusted turnover in manufacturing (BCD), % (TOL 2008)

Turnover decreased in July in all main industries. After the forest industry, turnover decreased most in electricity, gas, steam and air conditioning supply, by 16.7 per cent, in the electrical and electronics industry, by 14.8 per cent, and in the chemical industry, by 12.4 per cent from one year earlier. Among the main industries, turnover in the food industry was closest to the level one year ago and decreased by 0.1 per cent.

Annual change in working day adjusted turnover in manufacturing by industry, July 2020, % (TOL 2008)

Export turnover and domestic turnover decreased strongest in the chemical industry in June

Among the main industries, export turnover adjusted for working days fell in June most in the chemical industry, by 25.6 per cent from one year ago. Export turnover decreased in the forest industry by 22.8 per cent and in the textile, clothing and leather industry by 16.7 per cent. By contrast, the growth was strongest in mining and quarrying, where export turnover was 150.4 per cent higher than one year earlier. Large variations are typical in mining and quarrying, and in both May and June the development was affected by maintenance shutdowns last year.

Annual change in working day adjusted export turnover and domestic turnover in manufacturing by industry, June 2020, % (TOL 2008)

Domestic turnover declined in June most in the chemical industry, by 23.4 per cent from one year earlier. Domestic turnover in the forest industry was 12.2 per cent lower and in the metal industry 6.1 per cent lower than one year earlier. Domestic turnover decreased by 2.6 per cent in the textile, clothing and leather industry. By contrast, domestic turnover grew in the electrical and electronics industry, by 3.6 per cent, and in the food industry, by 2.0 per cent. Domestic turnover in mining and quarrying remained on level with the previous year in June.

Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), January 2007 to June-July 2020, % (TOL 2008)

The index of turnover in industry describes enterprises whose main industry is manufacturing. The calculation of the indices is based on the Tax Administration’s self-assessed tax data which are supplemented with data obtained with Statistics Finland’s sales inquiry. The monthly turnovers of manufacturing enterprises can vary considerably, especially in the metal industries. The variation is mainly due to invoicing practices. The final invoice for major machinery deliveries and projects may be recorded in the sales of one month, even if the delivery had required the work of several months or years.

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.

In terms of turnover, 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. Export turnover and domestic turnover are, for the time being, still released at a delay of two and a half months.

Source: Index of turnover in industry 2020, July, Statistics Finland

Inquiries: Maija Sappinen 029 551 3348, Heli Suonio 029 551 2481, myynti.teollisuus@stat.fi

Head of Department in charge: Mari Yl�-Jarkko

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Appendix tables

Appendix table 1. Annual change of working-day adjusted turnover in industries of manufacturing, % (TOL 2008) (15.9.2020)

Figures

Appendix figure 1. Change from the previous month in seasonally adjusted turnover in manufacturing (BCD), % (TOL 2008) (15.9.2020)

Revisions in these statistics

Revisions in these statistics (15.9.2020)

Updated 15.9.2020

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover in industry [e-publication].
ISSN=1798-596X. July 2020. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/tlv/2020/07/tlv_2020_07_2020-09-15_tie_001_en.html