Industrial output up by 9.5 per cent in March

Strong growth in industrial output continued through March. According to Statistics Finland's index per working day, output went up by 9.5 per cent in the year to March, while the corresponding percentages for January and February were 8 and 8.7, respectively. Growth was especially rapid in the metal industry and in the pulp and paper industry.

Output in the metal industry increased by 17 per cent in March. Of the main sectors of the metal industry, the manufacture of electrical equipment went up by as much as 40 per cent, while the manufacture of transport equipment increased by nearly 11 per cent and that of base metals and fabricated metal products by good 11 per cent. In the wood and paper industry, output went up by almost 9 per cent in March. The manufacture of pulp, paper and paper products increased by close on 10 per cent. Output in the chemical industry grew by 5 per cent, but output in other manufacturing industry remained at the level of last year's March.

Good 17 per cent more investment goods and 5 per cent more consumer durables were produced this March compared to last year's March. The production of raw materials and output commodities grew by just under 10 per cent.

March capacity utilisation rate in manufacturing was 91 per cent, which is good 4 per cent higher than in March last year. In the pulp and paper industry, capacity utilisation rate was good 97 per cent, in the metal industry over 92 per cent and in the chemical industry nearly 88 per cent.

During the January to March period, industrial output increased by 8.7 per cent compared to the same period last year. In the early part of the year, the fastest growth rate of 15 per cent was recorded in the metal industry. Output also grew faster than average in the wood and paper industry, reaching good 9 per cent. In the first quarter of the year, output in the chemical industry increased by good 4 per cent and in other manufacturing industry by nearly 3 per cent.

In February, the revised growth rate in industrial output as calculated per working day was 8.7 per cent, which is 0.1 percentage points lower than the previously published figure.

Source: Volume Index of Industrial Output 1998, March. Statistics Finland