30 October, 1998

Inquiries: Mr Erkki Lääkäri + 358 9 1734 3355
Director in charge: Mr Markku Suur-Kujala

Growth in output slowed down slightly in August

Total output increased by 4.4 per cent in the year to August. The Monthly Indicator of Total Output of Statistics Finland shows that output went up in all main branches of industry, with the exception of agriculture and forestry.

Output in agriculture and forestry decreased due to the poor grain crop, in particular. According to preliminary estimates, the crop was one third smaller than the year before. Growth in manufacturing was primarily boosted by the manufacture of electrical equipment, up by nearly 35 per cent. Total economic growth was further sustained by domestic demand, particularly by output increases in construction, trade and transportation.

In the year to August, output in construction went up by 9 per cent, in trade by 7.6 per cent, in transportation by 5.4 per cent and output in all manufacturing as calculated per working day grew by 5.3 per cent. Other services and government services increased by 1.7 per cent. Output in agriculture and forestry fell by 2.4 per cent because of the poor grain crop.

The Monthly Indicator of Total Output is based on eleven monthly series on different sectors of the economy. The series are summed up by weighting.

Source: The Monthly Indicator of Total Output 1998, August. Statistics Finland