15 July, 1999
Inquiries: Mr Rami Peltola +358 9 1734 3615, Mr Kari
Rautio +358 9 1734 2479
Director in charge: Mr Ilkka Hyppönen
Growth of industrial output slowed down in May
According to Statistics Finland, industrial output as calculated by working day grew by 1.9 per cent in the year to May. In April, output was still up by 7.7 per cent.
Output in the electronics industry rose by only 13.5 per cent in May. Output in the chemical industry also grew slightly. Output in the other main industries fell from May 1998. Growth slowed down partly because of the exceptionally fast growth in the reference time, May 1998. Output went up by almost 13 per cent in last year's May.
In the wood and paper industry, output dropped by almost one per cent in May. Output in energy declined by good 2 per cent from a year earlier. Output in the rest of the metal industry fell by nearly one per cent.
May capacity utilisation rate in manufacturing was 87 per cent, which is good 4 percentage points lower than the year before. In the pulp and paper industry, capacity utilisation rate was 92 per cent, in the metal industry 87 per cent and in the chemical industry 79 per cent.
From January to May, output was up by 5.2 per cent compared to last year's corresponding period. In the metal industry, output increased by 15 per cent, thanks to the electronics industry where output went up by over 43 per cent. In contrast, output in the wood and paper industry fell by 1.5 per cent. In the chemical industry, output fell by nearly 2 per cent and in other manufacturing by good 2 per cent from the January to May period last year.
By international comparison, the nearly 2 per cent growth rate in Finnish industrial output was quite fast. In the United States, industrial output grew by 1.7 per cent in the year to May. In Russia, industrial output went up by 6.1 per cent. In contrast, output in Germany declined by 2.3 per cent, in Japan by 0.3 per cent and in Britain by 0.5 per cent compared to May last year.
Source: Volume Index of Industrial Output 1999, May. Statistics Finland