Turnover in industry decreased by 5.2 per cent in August

According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) decreased in August by 5.2 per cent year-on-year. Of the main industries, turnover declined most in the forest industry, by 20.4 per cent from one year earlier. Seasonally adjusted turnover in industry (TOL BCD) grew by 2.4 per cent compared to July.

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

In addition to the forest industry, turnover also declined strongly in the chemical industry, by 16.5 per cent from one year earlier. In addition to these, turnover also decreased in mining and quarrying, in electricity, gas, steam and air conditioning supply, and in the textile, clothing and leather industry. Turnover grew most in the electrical and electronics industry, by 13.8 per cent from one year before. In the metal industry, turnover grew by 2.2 per cent and in the food industry by 0.3 per cent.

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

Export turnover declined strongest in the forest industry in July

Export turnover adjusted for working days decreased in July in most of the main industries. Export turnover declined most in the forest industry, by 24.5 per cent from one year earlier. In the electrical and electronics industry, export turnover was 17.5 per cent lower and in the metal industry 10.2 per cent lower than one year earlier. Export turnover also decreased year-on-year in the textile, clothing and leather industry and in the chemical industry. Export turnover grew in July in two main industries: in mining and quarrying by 27.2 per cent and in the food industry by 10.2 per cent.

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

Domestic turnover decreased strongest in July in the chemical industry, by 20.8 per cent, and in mining and quarrying, by 15.5 per cent from one year ago. Domestic turnover in the forest industry was 7.1 per cent lower and in the food industry 2.2 per cent lower than one year earlier. Domestic turnover grew in the electrical and electronics industry, by 3.5 per cent, and in the textile, clothing and leather industry, by 1.7 per cent.

Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), January 2007 to July-August 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, August, 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) (15.10.2020)

Figures

Appendix figure 1. Change from the previous month in seasonally adjusted turnover in manufacturing (BCD), % (TOL 2008) (15.10.2020)

Revisions in these statistics

Revisions in these statistics (15.10.2020)

Updated 15.10.2020

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover in industry [e-publication].
ISSN=1798-596X. August 2020. Helsinki: Statistics Finland [referred: 17.12.2024].
Access method: http://www.stat.fi/til/tlv/2020/08/tlv_2020_08_2020-10-15_tie_001_en.html