Industrial output grew by 8.2 per cent in July

According to Statistics Finland's index per working day, industrial output grew by 8.2 per cent in the year to July. After June's slight slowdown, output resumed its growth trend.

Growth continues to be fastest in the metal industry, where output increased by as much as nearly 24 per cent in the year to July. Of the sectors of the metal industry, output grew most in the manufacture of electrical equipment and was up by 44 per cent. Growth was also brisk at nearly 18 per cent in the manufacture of base metals and metal products. The manufacture of wood and wood products increased by just under 11 per cent. The manufacture of pulp, paper and paper products only grew by good one per cent.

In the year to July, output in the chemical industry increased by just under four per cent. In other manufacturing industry, producing goods primarily for the domestic market, growth of output amounted to nearly three per cent.

July capacity utilisation rate in manufacturing was nearly 77 per cent, which is almost one percentage point higher than in July 1997. In the pulp and paper industry, capacity utilisation rate was nearly 96 per cent, in the metal industry good 77 per cent and in the chemical industry almost 66 per cent.

During the January to July period, industrial output grew by 9 per cent compared to the same period last year. In the early part of the year, the fastest growth rate of good 16 per cent was recorded in the metal industry, while the rate in the wood and paper industry was nearly 8 per cent. Output in the chemical industry increased by almost 6 per cent and in other manufacturing industry by nearly four per cent.

In June, the revised growth rate in industrial output as calculated by working day was 2.9 per cent, which is 0.1 percentage points above the previously published figure.

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