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Published: 20 July 2005

GDP fell in May

According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP fell by 1.3 per cent in May from the previous month. The trend of GDP indicates decline of 0.4 per cent for the economy.

Volume of GDP in 2000 - 2005, trend and seasonally adjusted series

The series of the Monthly Indicator of GDP are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods.

GDP fell by 0.6 per cent from May 2004

The volume of GDP fell by 0.6 per cent in May 2005 compared with last year's May. The industrial dispute in the paper industry was reflected in figures on GDP. Among the main industries, output declined in manufacturing, transport and primary production.

Percentage changes of GDP from the previous year's corresponding month

Industrial output fell by 7.7 per cent from May 2004. Output declined by 41 per cent in the wood and paper industry and by 23 per cent in energy supply. The output volumes of the whole metal industry grew by one per cent while production in its sub-industry of manufacture of electrical and electronic equipment increased by 3 per cent. Other manufacturing grew by one per cent.

Sales volumes of trade grew by 8 per cent. Motor vehicle sales went up by 10 per cent, wholesale trade by 8 per cent and retail trade by 7 per cent.

The volume of primary production declined by 9 per cent from the May 2004 level. Fellings decreased by 21 per cent and milk production by just short of one per cent. Meat production went up by 5 per cent.

Transport decreased by just under 2 per cent. Output grew by 2 per cent from May 2004 in both other service industries and in construction.

The Monthly Indicator of GDP is based on twelve monthly series on different industries of the economy. The series are summed up by weighting. The purpose of the Monthly Indicator is to anticipate the development of the quarterly gross domestic product calculated later with more detailed data.

Source: Monthly Indicator of GDP 2005, May. Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667, kansantalous.suhdanteet@stat.fi

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Last updated 20.7.2005