Index of turnover in industry: documentation of statistics
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Basic data of the statistics
Data description
The index of turnover in industry describes development in the turnover of industrial enterprises. Turnover for the largest enterprises in their respective industries is described with the data collected with the sales inquiry while the data on sales derived from the Tax Administration’s data on self-assessed taxes are exploited to describe the turnover of other enterprises. Turnover is exclusive of value-added tax. Indices are calculated separately from turnover, domestic turnover and export turnover.
Statistical population
The population of the index of turnover in industry is formed by all enterprises practising business in Finland. Of enterprises practising business, those classified in Statistics Finland's Business Register under the industries to be published are included in the calculation. The most significant multi-industry enterprises have been divided into so-called kind-of-activity units to improve purity by industry.
Units where turnover is mainly comprised of non-market activities are excluded from the population of the statistics. This is the case, for example, with public administration actors. In addition, efforts are made to eliminate from the turnover of enterprises activities that are not considered to consist of goods or services produced for the market. In practice, auxiliary enterprises serving business activities in which turnover consists of internal services are removed from the statistics on this basis. Foreign corporations are not included in the population of the statistics either.
Units where turnover is mainly comprised of non-market activities are excluded from the population of the statistics. This is the case, for example, with public administration actors. In addition, efforts are made to eliminate from the turnover of enterprises activities that are not considered to consist of goods or services produced for the market. In practice, auxiliary enterprises serving business activities in which turnover consists of internal services are removed from the statistics on this basis. Foreign corporations are not included in the population of the statistics either.
Statistical unit
The statistical unit of the index of turnover in industry is a kind-of-activity unit.
Unit of measure
The data of the index of turnover in industry are published as index point figures. Change percentages are also calculated based on the indices.
Base period
The base year of the time series is 2021 (2021=100).
Reference period
The reference period of the index of turnover in industry is a month. The data for the most recent month released on the statistics are preliminary and they are published at a lag of around one month from the end of the statistical reference month.
Reference area
The index of turnover in industry is published on the level of the whole country. However, indices of turnover also include activities performed outside the borders of Finland. The biggest enterprises are asked monthly in the sales inquiry about sales of goods and services from abroad to abroad. The data may include merchanting if it is reported in the financial statement of an enterprise operating in Finland. The data of the sales inquiry do not fully cover the definition of global production in the national accounts. The quality of turnover has been examined as concerns the biggest globally operating enterprises but there is no fully clear picture of how well it covers global production.
Sector coverage
The turnover variable of the index of turnover in industry comprises TOL2008 sections B Mining and quarrying, C Manufacturing, D Electricity, gas steam and air conditioning supply, and E Water supply, sewerage, waste management and remediation activities. Apart from a few exceptions, the sub-series of the main groups are also published at the 2-digit level of the standard industrial classification.
The domestic turnover and export turnover variables of the index of turnover in industry cover TOL2008 sections B Mining and quarrying and C Manufacturing. Apart from a few exceptions, the sub-series of the main groups are also published, at the 2-digit level of the standard industrial classification.
The domestic turnover and export turnover variables of the index of turnover in industry cover TOL2008 sections B Mining and quarrying and C Manufacturing. Apart from a few exceptions, the sub-series of the main groups are also published, at the 2-digit level of the standard industrial classification.
Time coverage
Monthly, quarterly, semi-annual and annual data on the index of turnover in industry are available on the web pages starting from 1995 and the volume index starting from 2010.
Frequency of dissemination
The data of the statistics are published monthly on Statistics Finland's website.
Concepts
Adjustment for seasonal variation
Seasonal adjustment means the estimation of seasonal variation and the elimination of its impact from a time series. The obtained result is a seasonally adjusted time series. The trend of a time series is obtained when both seasonal variation and irregular random variation are eliminated from a time series. Trading or working day adjusted series are in turn obtained when the factors caused by the variation in the number of trading days or weekdays is eliminated from the observation of the original time series. The Tramo/Seats method is used for the seasonal adjustment of time series at Statistics Finland. In the Tramo/Seats method, preadjustment is based on a regression model (which allows for outlying observations, public holidays and the weekday structure) and the seasonal adjustment proper on an ARIMA model constructed for the time series.
Annual change
Annual change is the relative change of the index in comparison with the corresponding time period one year ago (e.g. annual change of total index of consumer prices, i.e. inflation).
Base year
Base year refers to the base point in time of a time series. Mainly years divisible by five are used as a base year but other years can exceptionally be used as a base year. In releases base year is noted, for example, as 2015=100 or 2021=100. The mean for the index point figures of the base year is 100. For example, in monthly indices the index point figures of the months of the base year indicate the breakdown of the examined variable between different months.
Domestic sales
Value index of sales of goods and services produced and sold in Finland.
Export turnover
Value index of goods and services sold abroad.
Growth review
Growth reviews are analyses that provide information in the form of figures, tables and written descriptions about the breakdown of growth in, say, turnover, sum of wages and salaries or number of employees between enterprises. Growth reviews can be used to ascertain how much small enterprises or local enterprises only operating in their own area influence growth in their respective industry or whether the growth originates from just a few strongly expanding enterprises. The share of growing enterprises of all enterprises in the industry can be examined with growth reviews.
Index
An index is a ratio describing the relative change in a variable (e.g. price, volume or value) compared to a certain base period (e.g. one year). The index point figure for each point in time tells what percentage the given examined variable is of its respective value or volume at the base point in time. The mean of the index point figures for the base period is 100.
Monthly business indicators
Monthly business indicators are index-format indicators describing turnover, exports, sum of wages and salaries and number of employees that are produced monthly and by industry, and are intended to help in the monitoring of business trends. The production of the indices is regulated by the Regulation on European business statistics.
Original series
An index series from which the effects of factors not related to production have not been removed. Non-productional factors include variations in the number of working days per month and fluctuations in production caused by seasonal variation.
Panel calculation
Panel calculation refers to a calculation method that is used to produce certain statistics on economic trends. If there is not enough source data for the latest examined time periods, as a rule the statistical units with comparative data for both the examined month and the corresponding month of the previous year are taken into account in the calculation. Data on this population, or panel, are used to calculate the change with which an index can be calculated for the examined point in time from the index of the corresponding point in time in the year before.
Revision
Revision means added accuracy of data. The accuracy of data can increase due to changes in the data that are used in calculations or to the availability of new data.
Sales inquiry
The sales inquiry covers around 2,000 most important enterprises in their respective industries from which data on turnover are collected monthly. In addition, data on the sum of wages and salaries are inquired from around 45 enterprises divided into kind-of-activity units, because these are not available from other sources.
The inquiry does not extend to enterprises operating in financing, the public sector, education or health and social care, because turnover data are not produced for them. The inclusion criterion is the size of the enterprise's turnover relative to the turnover of the respective industry.
The inquiry does not extend to enterprises operating in financing, the public sector, education or health and social care, because turnover data are not produced for them. The inclusion criterion is the size of the enterprise's turnover relative to the turnover of the respective industry.
Seasonal variation
Seasonal variation is variation in a time series within one year that is repeated more or less regularly. Seasonal variation may be caused by the temperature, rainfall, public holidays, cycles of seasons or holidays.
Seasonally adjusted series
A seasonally adjusted series is obtained when the effect of seasonal variation is eliminated from the original time series. The figures of a seasonally adjusted series are mutually comparable and thus it is meaningful to compare two successive observations. A seasonally adjusted series can be used for detecting short-term developments and significant turns of economic cycles.
Tailored trend indicator service
Tailored trend indicators is a charged information service providing fast data by area on e.g. turnover, exports, wages and salaries or numbers of employees. Additional growth reviews can be produced to elaborate on the factors behind development trends. The data on development in business trends can be supplied to the customers monthly, quarterly or annually as agreed.
Tax Administration's self-assessed tax data
The Tax Administration's data on self-assessed taxes contain monthly, quarterly and annual value added tax data. The observation unit is an enterprise. The data on self-assessed taxes cover all enterprises liable to pay value added tax included in the tax account procedure, that is, nearly all entrepreneurial activity in Finland.
Trading day adjustment
Adjustments for trading days take into account different distributions of weekdays and public holidays in the compared months. Trading days could put the sales of an industry above normal in a certain month if the month concerned contains a higher than usual number of Fridays. In other words, the aim in making adjustments for trading days is to remove calendar effects in order to make the index figures for the corresponding months of different years as comparable as possible. However, adjustments for trading days do not remove the effects of monthly seasonal variation.
Trend
Trend describes the long-term development in a time series. A trend series has been adjusted for seasonal and random variations, so that the effects of e.g. weather conditions or short-term labour disputes do not show in it. By contrast, permanent changes, such as growth in demand due to changed taxation, will show in a trend. The direction indicated by the end of a trend should be interpreted with caution. The latter part of a trend indicator may change once it has been updated with data for subsequent months.
Turnover
Turnover refers to the information concerning sales obtained from the Tax Administration's self-assessed tax data (total data) and from Statistics Finland's sales inquiry conducted among the 2,000 largest enterprises within their respective industries. In the self-assessed tax data, turnover may also include profit and loss statement items external to turnover, such as sales of fixed assets, other income, extraordinary items, purchases inversely liable to tax, own use of products and agency sales. The largest items deviating in profit and loss account from turnover are adjusted in the calculation. The concept of turnover in Statistics Finland's sales inquiry is fairly close to the concept of turnover in the profit and loss statement. Turnover comprises both domestic and export turnover. Turnover is exclusive of value-added tax.
Value index
A value index is a measure (ratio) that describes change in a nominal value relative to its value in the base year. The index point figure for each point in time tells what percentage a given value is at that point in time of its respective value at the base point in time. Thus, in monthly statistics the value index point figure for an examined month describes the percentage share of the value of that month of the average monthly value for the base year.
Accuracy, reliability and timeliness
Overall accuracy
The data of the indices of turnover cover nearly all business activity in Finland. The latest index figures may become slightly revised as new data accumulate and enterprises report changes to their data. Due to supplementations the data will become updated in releases for over twelve months. The data become revised most during six months from the first release. Data revisions in main industries between different releases and on average in the long term are presented in their own tables on the home page of the statistics.
Because the data on self-assessed taxes for a certain month are supplemented even after the due date, the data for each target month are updated repeatedly. The data are collected from monthly reporters for around six months and from quarterly and annual reporters until the data have been fully accumulated. In the first round of selection, the coverage of the data is over 40 per cent and in the second over 99 per cent measured by the turnover of the enterprises.
The measured variables (turnover and industry) correspond well with Eurostat's definitions. As a rule, the concept of turnover in the sales inquiry complies with the Accounting Act. Apart from long-term projects, sales are allocated on accrual basis, i.e. according to invoicing. The turnover calculated from the self-assessed tax reports does not fully conform with the turnover concept of the Accounting Act because it may contain sales of fixed assets, other income and extraordinary items. The data may also contain errors arising from optical reading or data suppliers' mistakes. Due to the exhaustiveness of the available data, the statistical method can be regarded as almost unbiased. The industry of the enterprise is in line with its main activity. The impact from subsidiary activities has been minimised by dividing the most significant subsidiary activities into their own kind-of-activity units.
Because the data on self-assessed taxes for a certain month are supplemented even after the due date, the data for each target month are updated repeatedly. The data are collected from monthly reporters for around six months and from quarterly and annual reporters until the data have been fully accumulated. In the first round of selection, the coverage of the data is over 40 per cent and in the second over 99 per cent measured by the turnover of the enterprises.
The measured variables (turnover and industry) correspond well with Eurostat's definitions. As a rule, the concept of turnover in the sales inquiry complies with the Accounting Act. Apart from long-term projects, sales are allocated on accrual basis, i.e. according to invoicing. The turnover calculated from the self-assessed tax reports does not fully conform with the turnover concept of the Accounting Act because it may contain sales of fixed assets, other income and extraordinary items. The data may also contain errors arising from optical reading or data suppliers' mistakes. Due to the exhaustiveness of the available data, the statistical method can be regarded as almost unbiased. The industry of the enterprise is in line with its main activity. The impact from subsidiary activities has been minimised by dividing the most significant subsidiary activities into their own kind-of-activity units.
Timeliness
The index of turnover industry is published at a lag of around one month from the time period of the statistics. The data are preliminary and will become revised in later releases.
Punctuality
There is no delay in releasing data on the index of turnover in industry. The data are published on the days indicated in the release calendar.
Data revision - practice
The data of the indices of turnover cover nearly all business activity in Finland. The latest index figures may become slightly revised as new data accumulate and enterprises report changes to their data. Due to supplementations the data will become updated in releases for over twelve months. The data become revised most during six months from the first release. Data revisions in main industries between different releases and on average in the long term are presented in their own tables on the home page of the statistics.
Because the data on self-assessed taxes for a certain month are supplemented even after the due date, the data for each target month are updated repeatedly. The data are collected from monthly reporters for around six months and from quarterly and annual reporters until the data have been fully accumulated. In the first round of selection, the coverage of the data is over 40 per cent and in the second over 99 per cent measured by the turnover of the enterprises.
Because the data on self-assessed taxes for a certain month are supplemented even after the due date, the data for each target month are updated repeatedly. The data are collected from monthly reporters for around six months and from quarterly and annual reporters until the data have been fully accumulated. In the first round of selection, the coverage of the data is over 40 per cent and in the second over 99 per cent measured by the turnover of the enterprises.
Sampling error
Total data are used in the statistics, whereby sampling errors do not occur.
Coverage error
In terms of turnover data, the data contain under-coverage. The monthly data do not include small enterprises but they are supplemented with the acquisition of quarterly and annual data.
Non-response error
The non-response rate of the turnover in industry was six per cent in 2022. The non-response rate was calculated from the data collected when the data were first published.
Model assumption error
Methodological time series modelling is used when calculating indices for the turnover in industry for the latest month. In some industries, the latest data may, however, become substantially revised in later releases.
In addition, missing data for the latest months are imputed in the calculation. These may cause error if the imputations differ much from the actual observation later on.
In addition, missing data for the latest months are imputed in the calculation. These may cause error if the imputations differ much from the actual observation later on.
Comparability
Comparability - geographical
European definitions according to the STS Regulation are used in the production of the statistics, so the data of the statistics are internationally comparable and cover the whole of Finland.
Comparability - over time
The time series of the index of turnover in industry are temporally comparable since 1995.
There have, however, been changes in the reporting of value added tax that have influenced the temporal comparability of the time series. From the data for January 2017, enterprises whose annual turnover is under EUR 500,000 have been able to report their monthly value added tax as payment-based in place of accrual-based reporting. Earlier, value added tax has been, as a rule, reported immediately when the invoice was sent to a customer. If the enterprise uses payment-based accounting, it makes a report only when it has received payment for its sale.
In connection with the above-mentioned change, Statistics Finland examined the accrual of self-assessed tax data and no significant changes have been detected in enterprises' value added reporting. The possibility for payment-based reporting has not caused any need for methodological corrections in the calculation of turnover indices. The accrual of self-assessed tax data is monitored regularly.
There have, however, been changes in the reporting of value added tax that have influenced the temporal comparability of the time series. From the data for January 2017, enterprises whose annual turnover is under EUR 500,000 have been able to report their monthly value added tax as payment-based in place of accrual-based reporting. Earlier, value added tax has been, as a rule, reported immediately when the invoice was sent to a customer. If the enterprise uses payment-based accounting, it makes a report only when it has received payment for its sale.
In connection with the above-mentioned change, Statistics Finland examined the accrual of self-assessed tax data and no significant changes have been detected in enterprises' value added reporting. The possibility for payment-based reporting has not caused any need for methodological corrections in the calculation of turnover indices. The accrual of self-assessed tax data is monitored regularly.
Coherence - cross domain
Business statistics produced by Statistics Finland can be divided into structural statistics and business trend statistics. The differences in the statistics are caused by their length of the description period, publication delay and the extent of the data content so that the description period and release delay of business trend statistics are shorter and their data content more limited than in the structural statistics. Structural business statistics include structural business and financial statement statistics that describe the structure and activities of enterprises on the annual level. Business trend statistics include monthly trend indicators. Annual statistics are cross-sectional data on business activities in the year in question. By contrast, business trend data have been made temporally comparable as concerns enterprise reorganisations and industry transfers so that the indicators describe changes in each industry.
Preliminary and final statistics are yearly published on structural business and financial statement statistics on the annual level. Preliminary data are completed in September of the year following the statistical reference year and final data in December.
Preliminary and final statistics are yearly published on structural business and financial statement statistics on the annual level. Preliminary data are completed in September of the year following the statistical reference year and final data in December.
Coherence - sub-annual and annual statistics
The monthly, quarterly, semi-annual and annual data on the index of turnover in industry are compiled in the same way so they are fully congruent.
Coherence -national accounts
The data of the index of turnover in industry are used as source data for national accounts. In addition, the aim is to use uniform concepts and definitions with national accounts in the production of the statistics.
Coherence - internal
The data of the turnover indicators for service industries, industry and trade are mutually internally uniform. For these industries, the concept of turnover describes development in the total turnover of enterprises in these industries. From the statistical reference year 2021 onwards, the turnover of construction includes exports abroad in addition to domestic sales.
Source data and data collections
Source data
The source data for the statistics are the Tax Administration's self-assessed taxation data, which are supplemented with Statistics Finland's own data collection. These source data are described in more detail below. The monthly data available from Finnish Customs is also used for forming data on euro area exports and non-euro area exports. Imputation is used for missing data, which is made with the help of five simple rules. Imputations are accepted into the calculation if they are considered to be reliable enough.
From the data for January 2017, enterprises whose annual turnover is under EUR 500,000 have been able to report their monthly value added tax as payment-based in place of accrual-based reporting. Earlier, value added tax has been, as a rule, reported immediately when the invoice was sent to a customer. If the enterprise uses payment-based accounting, it makes a report only when it has received payment for its sale.
In connection with the above-mentioned change, Statistics Finland examined the accrual of self-assessed tax data and no significant changes have been detected in enterprises' value added reporting. The possibility for payment-based reporting has not caused any need for methodological corrections in the calculation of turnover indices. The accrual of self-assessed tax data is monitored regularly.
A practitioner of trade selling products or services is liable for the payment of value added tax irrespective of the form of the enterprise. Excluded from the scope of application of value added tax are practitioners of trade whose activity is minor, banking and financial activity, and certain religious communities and non-profit corporations. The state and municipalities are liable to pay value added tax for activities that they practise on the business principle.
Tax Administration's self-assessed taxation data
The index is calculated using data on self-assessed taxes derived from the Tax Administration. The data contain the value added tax data of enterprises reporting monthly, quarterly and annual data. Data are reported monthly by those enterprises whose annual turnover is over EUR 100,000. Enterprises whose annual turnover is EUR 30,001 to 100,000 are entitled to quarterly reporting. Enterprises whose annual turnover is at most EUR 30,000 are entitled to annual reporting.From the data for January 2017, enterprises whose annual turnover is under EUR 500,000 have been able to report their monthly value added tax as payment-based in place of accrual-based reporting. Earlier, value added tax has been, as a rule, reported immediately when the invoice was sent to a customer. If the enterprise uses payment-based accounting, it makes a report only when it has received payment for its sale.
In connection with the above-mentioned change, Statistics Finland examined the accrual of self-assessed tax data and no significant changes have been detected in enterprises' value added reporting. The possibility for payment-based reporting has not caused any need for methodological corrections in the calculation of turnover indices. The accrual of self-assessed tax data is monitored regularly.
A practitioner of trade selling products or services is liable for the payment of value added tax irrespective of the form of the enterprise. Excluded from the scope of application of value added tax are practitioners of trade whose activity is minor, banking and financial activity, and certain religious communities and non-profit corporations. The state and municipalities are liable to pay value added tax for activities that they practise on the business principle.
Statistics Finland’s own data collection
The value added tax data are supplemented by monthly direct collections of sales data from around 2,000 most important enterprises in their respective industries. The inquiry asks for monthly sales data corresponding to turnover data as defined in the Accounting Act broken down between domestic sales and sales abroad. The share of the sample of the number of enterprises in each main industry is 0.1 to 3.8 per cent, but in terms of turnover the sample covers approximately 19 to 78 per cent depending on the industry. The inclusion criterion for the sample is the size of the enterprise’s turnover relative to the turnover of the respective industry. The sample of the inquiry is updated monthly due to enterprise reorganisations. A larger sample updating is carried out yearly.Data collection
Data for Statistics Finland's own data collection are gathered with a web questionnaire. In addition, Statistics Finland has an agreement with the Tax Administration that the Tax Administration delivers the data on self-assessed taxes to Statistics Finland monthly on an agreed date.
The web questionnaire of the inquiry for the sales inquiry has been tested in connection with its introduction and when changes have been made to it. In addition, the non-response rate of the inquiry is monitored monthly.
The web questionnaire of the inquiry for the sales inquiry has been tested in connection with its introduction and when changes have been made to it. In addition, the non-response rate of the inquiry is monitored monthly.
Frequency of data collection
The data for the index of turnover in industry are collected monthly.
Cost and burden
In 2023, a total of 236 working days were used for the production of the index of turnover in industry.
An inquiry on the response burden of the statistics was made in autumn 2019. The average response time for the inquiry of the statistics was 48 minutes (median 25 minutes).
An inquiry on the response burden of the statistics was made in autumn 2019. The average response time for the inquiry of the statistics was 48 minutes (median 25 minutes).
Methods
Data compilation
The calculation of the index of turnover in industry is based on estimation of change. Data cannot be calculated directly by summing, because the data are incomplete for the latest months: only part of enterprises are included. Comparable observations for the examined month and for the corresponding month of the previous year are compared in the method by observing enterprise reorganisations and changes in reporting practices related to bookkeeping. The indices are recalculated monthly until the data are final.
Methodological time series modelling has been used to aid in the calculation of the latest months’ indices. This reduces the revision caused by the slow accumulation of data. The most recent month of the statistics is released at a delay of around four weeks.
Depending on the industry, the following methods have been used in the time series models:
1) The ARIMA model combined with factors formed with the main component analysis from direct collection of data or wage and salary sum data,
2) Regularisation models (Ridge, Lasso, Elastic-Net) combined with factors formed with the main component analysis are combined from the direct collection of data or wage and salary sum data,
3) The static regression model utilising direct collection data or wage and salary sum data.
The latest data on less detailed industry levels are aggregated, i.e. weighted from the data produced with time series modelling on more detailed industry levels. In the weighting use is made of the industry’s turnover sum of one year earlier obtained from the calculation of the indices.
Methodological time series modelling has been used to aid in the calculation of the latest months’ indices. This reduces the revision caused by the slow accumulation of data. The most recent month of the statistics is released at a delay of around four weeks.
Depending on the industry, the following methods have been used in the time series models:
1) The ARIMA model combined with factors formed with the main component analysis from direct collection of data or wage and salary sum data,
2) Regularisation models (Ridge, Lasso, Elastic-Net) combined with factors formed with the main component analysis are combined from the direct collection of data or wage and salary sum data,
3) The static regression model utilising direct collection data or wage and salary sum data.
The latest data on less detailed industry levels are aggregated, i.e. weighted from the data produced with time series modelling on more detailed industry levels. In the weighting use is made of the industry’s turnover sum of one year earlier obtained from the calculation of the indices.
Data validation
The data of the index of turnover in industry are validated in several stages during the statistical process.
The database based on the Tax Administration's data and Statistics Finland's sales inquiry is updated continuously. Systematic error types have been detected in certain variables, which are corrected even before the calculation. Due to data updates, such as accumulation of data or changes in enterprises' monthly data, the calculated indices may change slightly from one calculation period to another. In the calculation stage of the indices, observations that prove to be erroneous are corrected or removed. The data are checked in each calculation round at the enterprise level against information about the most significant business reorganisations and changes in turnover, and enterprise openings and closures.
The revisions are examined in connection with the review process at the micro and macro levels. The special characteristics of different industries are also taken into account when the data are validated.
The database based on the Tax Administration's data and Statistics Finland's sales inquiry is updated continuously. Systematic error types have been detected in certain variables, which are corrected even before the calculation. Due to data updates, such as accumulation of data or changes in enterprises' monthly data, the calculated indices may change slightly from one calculation period to another. In the calculation stage of the indices, observations that prove to be erroneous are corrected or removed. The data are checked in each calculation round at the enterprise level against information about the most significant business reorganisations and changes in turnover, and enterprise openings and closures.
The revisions are examined in connection with the review process at the micro and macro levels. The special characteristics of different industries are also taken into account when the data are validated.
Seasonal adjustment
Seasonal adjustment is a statistical method used to process time series. The method is used to remove variation occurring fairly regularly within a year from the data. The Tramo/Seats method and JDemetra+ software are used in the statistics. In addition, seasonal adjustment is based on the ESS Guidelines on Seasonal Adjustment.
Seasonal variation is often caused by an occurrence not attributable to enterprises, such as variation in weather conditions and seasons, and people's modes of action. More detailed information about seasonal variation in time series and the method used for seasonal adjustment can be found in the report on Seasonal adjustment with the Tramo/Seats method.
Seasonal variation is often caused by an occurrence not attributable to enterprises, such as variation in weather conditions and seasons, and people's modes of action. More detailed information about seasonal variation in time series and the method used for seasonal adjustment can be found in the report on Seasonal adjustment with the Tramo/Seats method.
Documentation on methodology
The methodological description of the index of turnover in industry can be found on the home page of the statistics.
An English methodological report on the time series model used in the statistics can be found on Statistics Finland's website.
An English methodological report on the time series model used in the statistics can be found on Statistics Finland's website.
Principles and outlines
Contact organisation
Statistics Finland
Contact organisation unit
Economic Statistics
Legal acts and other agreements
The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
The statistics on the index of turnover in industry are guided by Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics and Commission Implementing regulation (EU) 2020/1197.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
The statistics on the index of turnover in industry are guided by Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics and Commission Implementing regulation (EU) 2020/1197.
Confidentiality - policy
The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable.
Further information: Data protection | Statistics Finland (stat.fi)
Further information: Data protection | Statistics Finland (stat.fi)
Confidentiality - data treatment
In the index of turnover in industry, industries 19, 20, 21, 22, 26, 27 and 30 are not published separately because they contain dominant enterprises. They are published as combined industries and they are included in the figures for total industries (NACE BCD) . Export turnover is not published on industry 33 but it is included on higher industry levels. The data on these industries are sent to Eurostat as confidential or flagged including data on euro area exports and non-euro area exports.
The limit used for the dominance of the industry is a 70 per cent effect of one enterprise on the industry and the series published as a threshold value must contain at least 30 enterprises.
The limit used for the dominance of the industry is a 70 per cent effect of one enterprise on the industry and the series published as a threshold value must contain at least 30 enterprises.
Release policy
Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data are public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
Further information: Publication principles for statistics at Statistics Finland
Data sharing
The data of the statistics are supplied monthly for the use of the Trend Indicator of Output and national accounts. In addition, the data of the statistics are supplied monthly to Eurostat on the day of their publication and Eurostat releases the data on its web pages.
Other
The extensive data basis of turnover indices also allows production of turnover data for regional, enterprise group or different industry combinations as a charged information service. Further information about the service can be found on the website of the tailored trend indicator service.
Accessibility and clarity
Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
Micro-data access
Unit-level data of the statistics are used only for producing the statistics and others than producers of statistics do not have access to unit-level data.
Data revision - policy
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
Seasonally adjusted data in statistics on economic trends become revised because of the calculation method used. Additional information on a new time series observation is exploited in model-based calculation methods and this is reflected as changes in previous releases. Revisions of the latest figures to be seasonally adjusted are elaborated on in the releases and quality reports of statistics.
A summary table of the revisions that have taken place is also published in connection with key statistics on economic trends and some annual statistics. The table shows how the data for the statistical reference periods have changed between the first and the most recent statistical release.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
Seasonally adjusted data in statistics on economic trends become revised because of the calculation method used. Additional information on a new time series observation is exploited in model-based calculation methods and this is reflected as changes in previous releases. Revisions of the latest figures to be seasonally adjusted are elaborated on in the releases and quality reports of statistics.
A summary table of the revisions that have taken place is also published in connection with key statistics on economic trends and some annual statistics. The table shows how the data for the statistical reference periods have changed between the first and the most recent statistical release.
User needs
The data of the statistics are used at Eurostat, the European Central Bank and in international organisations (e.g. OECD and UN) and in Finnish public administration to monitor and analyse the development of business services. Business and research institutes use the data to assess the development of markets and competitors. At Statistics Finland, the Trend Indicator of Output and quarterly national accounts use turnover indices as source data.
User satisfaction
Eurostat assesses the data of the statistics yearly. The latest grade received by Finland was 10.
Quality assessment
The quality of the index of turnover in industry is evaluated in several different stages of the statistical process. Revisions to the unit-level data of the statistics are examined monthly and coherence analyses are made compared with other statistics on economic trends.
Annual comparisons are made with the data of the structural business and financial statement statistics.
Annual comparisons are made with the data of the structural business and financial statement statistics.
Quality assurance
Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice.
Further information: Quality management | Statistics Finland (stat.fi)
The index of turnover in industry is official statistics. The Official Statistics of Finland (OSF) are a comprehensive collection of statistics describing the development and state of society. They comprise nearly 300 sets of statistics on 26 different topics. The producers of Official Statistics of Finland have approved a common quality assurance in which they commit to common quality criteria and quality assurance measures. The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice. The good practices followed in the statistics are presented in Statistics Finland's Quality Guidelines for Official Statistics handbook.
User access
Data are released to all users at the same time. Statistical data may only be handled at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published.
Further information: Publication principles for statistics
Unless otherwise separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.
Further information: Publication principles for statistics
Unless otherwise separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.