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Published: 17 July 2007

Total output went up in May

According to the seasonally adjusted series of the Monthly Indicator of Total Output calculated by Statistics Finland, the volume of total output went up by 0.3 per cent in May from the month before. The Monthly Indicator of Total Output is used to predict the development of the national economy.

Volume of total output 2000 - 2007, trend and seasonally adjusted series

The series of the Monthly Indicator of Total Output 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.

Total output was 2.3 per cent higher than in May 2006

The volume of total output grew by 2.3 per cent in May 2007 from May of the previous year. Among the six main industries of the Monthly Indicator of Total Output, decline in output was only recorded in manufacturing.

Percentage changes of total output from the previous year's corresponding month

According to the original series of the volume index of industrial output, industrial output diminished by 2.0 per cent from May 2006. Output volumes in the whole metal industry fell by 4 per cent and production in its sub-industry of manufacture of electronic and electrical products declined by 3 per cent. In other manufacturing, including the chemical industry, output volumes fell by 3 per cent. Production in the wood and paper industry was up by five per cent from the level of May 2006.

Sales volumes of trade went up by 4 per cent. Motor vehicle sales and wholesale trade both went up by 4 per cent, and retail trade by 5 per cent.

Construction output increased by 8 per cent. Output went up by 4 per cent in other services and by 2 per cent in transport from May 2006. Primary production went up by 19 per cent as fellings were 37 per cent up from January 2006.

The Monthly Indicator of Total Output is based on twelve monthly series on different industries of the economy. The series are summed up by weighting.

The methods for fixed price calculations in National Accounts were revised in spring 2006. Output at current prices and intermediate consumption are now deflated separately and value added at fixed prices is derived as the difference of these figures. At the same time, the fixed base year was replaced with a varying one. The method for calculating the Monthly Indicator of Total Output was kept unchanged, so it describes development of output rather than that of value added in the revised National Accounts. Due to the fast production timetable, a part of services in industry are not described in the Monthly Indicator of Total Output.

Source: Monthly Indicator of Total Output 2007, May. Statistics Finland

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

Director in charge: Mr Ari Tyrkkö

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Last updated 17.7.2007