15 November 2004
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Director in charge: Mr Ari Tyrkkö
GDP grew in September
According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP grew by 0.3 per cent in September from the previous month. The trend of GDP also indicates growth for September.
Volume of GDP in 1990-2004, trend and seasonally adjusted series
The series of the Monthly Indicator of GDP are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods.
GDP grew by 3.8 per cent from September 2003
The volume of GDP rose by 3.8 per cent in September 2004 compared with last year's September. Except for primary production, all the six main industries of the monthly indicator grew. In September the number of working days was equal to the previous year's September.
Industrial output went up by 6 per cent from September 2003. The manufacture of electronic and electrical equipment grew by 20 per cent and the output volumes of the whole metal industry by 7 per cent. Output in the wood and paper industry rose by 7 per cent. Other manufacturing and energy supply both increased by one per cent.
Sale volumes of trade grew by 5 per cent from September 2003. Wholesale trade accelerated by 6 per cent and retail trade by 5 per cent. Sales of motor vehicles increased by 2 per cent.
The volume of primary production fell by 4 per cent from September 2003. The volume of fellings decreased by 7 per cent. Meat production went down by 2 per cent and milk production by 3 per cent. Plant production is estimated to have grown by 6 per cent.
Transport increased by 5 per cent. Construction grew by one per cent. Output in other service industries was nearly 3 per cent higher than in September 2003.
The Monthly Indicator of GDP is based on twelve monthly series on different industries of the economy. The series are summed up by weighting. The purpose of the Monthly Indicator is to anticipate the development of the quarterly gross domestic product calculated later with more detailed data.
Percentage changes of GDP from the previous year's corresponding month
GDP growing in the third quarter
Seasonally and calendar adjusted (adjusted for working and trading days) GDP is estimated to have grown by around 3.7 per cent in the July to September period of 2004 compared with the corresponding period of 2003. Examined by the original output volumes, the change from the previous year's quarter is estimated to be about 3.9 per cent. From the previous quarter, seasonally adjusted GDP is anticipated to have grown by about 1.2 per cent. Quarterly national accounts calculated with more extensive data will be published on 9 December 2004.
Eurostat, the Statistical Office of the European Communities, has developed a quarterly Flash estimate of GDP for the EU and Euro area (Flash GDP). The EU's Flash GDP is based on country-specific data. The Flash estimate is published within 45 days from the end of the quarter. http://www.europa.eu.int/comm/eurostat --> News Releases
Finland's Flash GDP data supplied to the EU are available on the Internet at: http://www.stat.fi/flashgdp_en
Source: Monthly Indicator of GDP 2004, September. Statistics Finland