Industrial output fell by 4.1 per cent in January from December

According to Statistics Finland, seasonally adjusted industrial output was 4.1 per cent lower in January 2005 than in December 2004. Seasonally adjusted volume of industrial output grew by 1.1 per cent year-on-year from January 2004.

Seasonally adjusted change in industrial output from previous month, %

Capacity utilisation rate in manufacturing was 82 per cent in January, which is good one percentage point higher than in January 2004. In the pulp and paper industry, capacity utilisation rate was 94 per cent and in the metal and chemical industries 82 per cent. Capacity utilisation rate in other manufacturing was 76 per cent.

Revised data for January will be published at 9 am on 31 March 2005 in connection with the industrial output data for February. 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 will also be adjusted for working days.

Statistics Finland has changed over from the previous X12 seasonal adjustment method to the TRAMO/SEATS method recommended by the Statistical Office of the European Communities (Eurostat). The change of method improves the quality and international comparability of seasonally adjusted data. The new method eliminates the effects of seasonal variation more effectively than before. Seasonally adjusted series, trends and series adjusted for working days, and the change percentages calculated from them will become revised from previously published ones.

Industrial output went up by 1.1 per cent year-on-year in January

According to Statistics Finland, seasonally adjusted industrial output was 1.1 per cent greater in January 2005 than in January 2004. The period of rapid growth that started in May last year slowed down clearly this January.

Seasonally adjusted change in the volume of industrial output
from corresponding month of previous year, %

Output continued to grow in several main industries. In January, the biggest increase in output of 10.0 per cent was recorded in the manufacture of electronic and electrical products. In the chemical industry output went up by 6.3 per cent and in the wood and paper industry by 4.7 per cent. Output in the metal industry also increased by 3.8 per cent.

The mild January weather was reflected in the output of energy supply, which fell by 15.7 per cent. Output in other manufacturing decreased by one per cent. In other metal industry, too, output went down by 1.1 per cent.

Seasonally adjusted change in the volume of industrial output 1/2004-1/2005, %

Change of seasonal adjustment method

Statistics Finland has also calculated final volume index data for the year 2003. The figures deviate somewhat from preliminary data. In addition, revision of the weight structure and selection of new establishments influence the figures for the year 2004 to some extent. The volume index of industrial output is produced with the so-called chain index method, in which weight structure is reviewed annually. The value-added shares of 2003 are used as the industry-specific weights in 2005.

Source: Volume Index of Industrial Output 2005, January. Statistics Finland

Inquiries: Mr Kari Rautio +358 9 1734 2479, volyymi.indeksi@stat.fi