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

Seasonally adjusted industrial output (TOL BCD) grew by 1.5 per cent in October from the month before. According to Statistics Finland, industrial output adjusted for working days was 2.2 per cent lower in October 2020 compared to October 2019. During January to October, working day adjusted output went down by 3.3 per cent from the year before.

Trend and seasonally adjusted series of industrial output (BCD), 2007/01 to 2020/10

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

Examined by main industry, seasonally adjusted industrial output grew in October in nearly all industries. The biggest growth was recorded in mining and quarrying, 9.1 per cent, and in the electrical and electronics industry, 6.3 per cent from the month before. The growth was smallest in the food industry, where output went up by 0.9 per cent from the month before. By contrast, output decreased in October in the forest industry, by 4.1 per cent, and in the chemical industry, by 0.7 per cent compared with September.

Compared to one year ago, output in the main industries grew in October only in the electrical and electronics industry, by 14.5 per cent, and in the metal industry, by 4.8 per cent. The fall was strongest in the forest industry, by 15.0 per cent, and in mining and quarrying, by 13.0 per cent from one year back. Output declined in the industry of electricity, gas, steam and air conditioning supply by 8.6 per cent and in the chemical industry by 4.2 per cent compared to October 2019.

Seasonal adjusted change in industrial output by industry, 09/2020 to 10/2020, %, TOL 2008

Revised data for October 2020 will be published at 8 am on 8 January 2021 in connection with the release of industrial output data for November 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, October. 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 2.2 per cent year-on-year in Oktober (10.12.2020)

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Revisions in these statistics (10.12.2020)

Updated 10.12.2020

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. October 2020. Helsinki: Statistics Finland [referred: 17.12.2024].
Access method: http://www.stat.fi/til/ttvi/2020/10/ttvi_2020_10_2020-12-10_tie_001_en.html