15 December, 1998

Inquiries: Mr Ari Mikkelä + 358 9 1734 2479, e-mail ari.mikkela@stat.fi; Mr Rami Peltola +358 9 1734 3615,
e-mail rami.peltola@stat.fi
Director in charge: Mr Ilkka Hyppönen

Growth of industrial output 8.3 per cent in October

According to Statistics Finland, industrial output as calculated per working day grew by 8.3 per cent in the year to October. The year-on-year increase in the manufacture of electrical equipment amounted to 57 per cent. Without the growth in the output of the electrical industry, total industrial output in October would have been down by approximately one per cent on the previous year. Output did, indeed, fall in most branches of the manufacturing industry. Output of pulp, paper and paper products remained almost unchanged in October compared to the previous year.

In the metal industry, output increased by 23 per cent in the year to October. The manufacture of transport equipment increased by 2 per cent, while that of basic metals and metal products decreased by 2 per cent.

In both the wood and paper industry, and energy and water supply, October output remained almost unchanged compared to the previous year. Output in the chemical industry went down by 4 per cent and in the food industry by 2 per cent.

October capacity utilisation rate in manufacturing was 89 per cent, which is good two percentage points lower than in October 1997. October capacity utilisation rate was 93 per cent in the pulp and paper industry, 92 per cent in the metal industry and 81 per cent in the chemical industry.

During the January to October period, industrial output as calculated by working day increased by 8.7 per cent compared to the corresponding period last year. Compared to the previous year, the manufacture of electrical equipment increased by 37 per cent in the January to October period. Disregarding the growth in the output of the electrical industry, total industrial output would have grown by just under 4 per cent in the January to October period. In this period, output in the metal industry went up by 17 per cent, in the wood and paper industry by 6 per cent, in the chemical industry by 5 per cent and in other manufacturing industry by 3 per cent compared to the corresponding period last year.

The trend of the Volume Index of Industrial Output indicates that there has been very strong growth in the metal industry compared to other branches of industry. From the early part of the year, growth has slowed down and the volume of output has even decreased in the wood and paper industry, chemical industry and other manufacturing industry. The trend of the Volume Index of Industrial Output is based on the calculation of moving averages.

In September, the revised growth rate in industrial output as calculated per working day was 8.4 per cent, which is 0.1 percentage points below the previously published figure.

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