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Press release 20.1.2005

GDP on the increase in November

According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP grew by 0.4 per cent in November from the previous month. The trend of GDP also indicates growth for the economy.

Volume of GDP in 1995-2004, 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 5.3 per cent from November 2003

The volume of GDP rose by 5.3 per cent in November 2004 compared with the previous year's November. All the six main industries of the Monthly Indicator grew. In November 2004 the number of working days was two days higher than in the corresponding month of the previous year. Adjusted for working days, GDP increased by about 3.3 per cent from one year before.

Percentage changes of GDP from the previous year's corresponding month

Industrial output went up by 7.8 per cent from November 2003. The manufacture of electronic and electrical equipment grew by 21 per cent and the output volumes of the whole metal industry by 12 per cent. Output in the wood and paper industry rose by 4 per cent. Other manufacturing increased by 4 per cent and energy supply by 1 per cent.

Sale volumes of trade increased by as much as 10 per cent. Sales of motor vehicles and wholesale trade grew by 12 per cent and retail trade by 7 per cent.

The volume of primary production increased by 5 per cent from November 2003. Meat production went up by 9 per cent and the volume of fellings increased by 7 per cent. Milk production decreased by 3 per cent.

Transport increased by 8 per cent. Construction grew by close on 2 per cent. Output in other service industries was nearly 3 per cent higher than in November 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.

Source: Monthly Indicator of GDP 2004, November. Statistics Finland

Inquiries: Mr Arto Kokkinen +358 9 1734 3355, Mr Veli-Pekka Karvinen +358 9 1734 2667