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Published: 20 September 2005

GDP was on the increase in July

According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP went up by 1.7 per cent in July from the low level where it stood one month earlier.

Volume of GDP 1995 - 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 went up by 0.9 per cent from July 2004

The volume of GDP went up by 0.9 per cent in July 2005 from July of the previous year. Among the main industries, output declined in manufacturing and transport. July 2005 had one working day more than the corresponding month of the year before. Adjusted for working days, the volume of GDP grew by 1.9 per cent.

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

According to the original series, industrial output fell by 1.1 per cent from July 2004. Output declined by 13 per cent in the wood and paper industry and by 25 per cent in energy supply. The output volumes of the whole metal industry fell by one per cent and production in its sub-industry of manufacture of electrical and electronic equipment declined by 2 per cent. In other manufacturing, output volumes were on level with July 2004.

Sales volumes of trade increased by 2 per cent. Wholesale trade grew by 2 per cent and retail trade by just short of 4 per cent. Motor vehicle sales remained on level with the comparison month of the year before.

Primary production went up by 3 per cent form July 2004. Transport declined by 3 per cent. In other service industries output grew by just under 3 per cent and in construction by barely 2 per cent from July 2004.

The Monthly Indicator of GDP is based on twelve monthly series on different industries of the economy. The series are summed 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, July. Statistics Finland

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

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Last updated 20.9.2005