31 July 2001
Inquiries: Mr Arto Kokkinen +358 9 1734
3355, arto.kokkinen@stat.fi
Director in charge: Mr Markku Suur-Kujala
Total output fell by 0.7 per cent in May
The volume of total output was 0.7 per cent smaller in May 2001 than in May 2000. The fall partly reflects the strong, 8.7 per cent growth of total output that was recorded in May 2000. Nevertheless, the Monthly Indicator of Total Output of Statistics Finland indicates that over the January to May 2001 period, total output went up by 2.8 per cent in all when compared to the corresponding time period in 2000. Output fell in May in four out of the six main industries of the Monthly Indicator. The only industry that showed clear growth was government and other services. A fall was last recorded in monthly total output in March 1996.
Output in agriculture and forestry fell by 8 per cent in May, due to reductions of up to 17 per cent in fellings. In construction output contracted by 4 per cent and in trade by 2 per cent. Within the trade industry, car sales dropped by 15 per cent, wholesale trade contracted by one per cent, and only retail trade recorded a 2 per cent growth.
Industrial output went down by good 2 per cent in May. Output in the manufacture of electrical products as calculated per working day fell by 6 per cent, which is a smaller drop than the one recorded in this industry in April. In the wood and paper industry, output contracted by 8 per cent, whereas it still showed growth in April.
Growth in the transport industry's output came to a halt at around 0 per cent due to reduced volumes of goods transport. However, post and telecommunications activity still showed growth in May. Output in other services and government services went up by over 2 per cent.
The Monthly Indicator of Total Output is based on twelve monthly series on different sectors of the economy. The series are summed up by weighting.
Source: Monthly Indicator of Total Output 2001, May. Statistics Finland