Industrial output grew in August from the month before but fell from the previous year

Seasonally adjusted industrial output (TOL BCD) grew by 2.0 per cent in August from the month before. According to Statistics Finland, industrial output adjusted for working days was 2.4 per cent lower in August 2020 than in August 2019. Adjusted for working days, industrial output went down by 3.1 per cent in January to August from one year back.

Trend and seasonally adjusted series of industrial output (BCD), 2007/01 to 2020/08

Seasonally adjusted change in industrial output (BCD) from previous month, %, TOL 2008

Examined by main industry, seasonally adjusted industrial output grew most in August in the electrical and electronics industry, by 13.4 per cent previous month. Output grew in mining and quarrying and in the metal industry by 4.8 per cent compared with July. The decline in output was strongest in electricity, gas, steam and air conditioning supply, where output decreased by 4.8 per cent from the month before. In the forest industry, the fall amounted to 2.2 per cent and in the chemical industry to 1.0 per cent compared with July.

Among the main industries, the electrical and electronics industry also grew most year-on-year, by 13.6 per cent. The fall was still strongest compared to one year back in mining and quarrying, where output declined by 26.8 per cent. In the forest industry, output decreased by 11.0 per cent and in the chemical industry by 4.0 per cent compared with August 2019.

Seasonal adjusted change in industrial output by industry, 07/2020 to 08/2020, %, TOL 2008

Revised data for August 2020 will be published at 8 am on 10 November 2020 in connection with the release of industrial output data for September 2020. The revision is influenced by the estimation used in the latest release, which is based on the Tax Administration's data on self-assessed taxes used for enterprises with fewer than 50 employees. Because of the method used, seasonally adjusted figures for previous months may change even if the original figures do not become revised. The seasonally adjusted figures are also adjusted for working days.

Source: Volume Index of Industrial Output 2020, August. Statistics Finland

Inquiries: Maarit Mäkelä 029 551 3324, Kirsi-Maaria Manninen 029 551 2681, volyymi.indeksi@stat.fi

Head of Department in charge: Mari Ylä-Jarkko

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Industrial output decreased by 2.4 per cent year-on-year in August (9.10.2020)

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Updated 9.10.2020

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. August 2020. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/ttvi/2020/08/ttvi_2020_08_2020-10-09_tie_001_en.html