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Published: 14 September 2007

Total output went up in July

The volume of total output went up by 0.2 per cent in July from the month before. This is indicated by the seasonally adjusted series of Statistics Finland's Monthly Indicator of Total Output.

Because the method for calculating the Monthly Indicator of Total Output remained unchanged when the method for calculating gross domestic product (GDP) in quarterly and annual National Accounts was revised in 2006, the series of the Monthly Indicator of Total Output are no longer directly comparable with value added (GDP) by industry. They describe the development of output rather than that of value added in the revised National Accounts.

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 3.8 per cent higher than in July 2006

The volume of total output grew by 3.8 per cent in July 2007 from July of the previous year. Among the six sub-industries of the Monthly Indicator of Total Output the volume of output only declined in transport. July 2007 had one working day more than the corresponding month of the previous year. Adjusted for working days, total output grew by 2.6 per cent year-on-year.

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 grew by 2.4 per cent from July 2006. Output volumes in the whole metal industry grew by 4 per cent and production in its sub-industry of manufacture of electrical and electronic equipment went up by 7 per cent. In the wood and paper industry, output went up by one per cent. Energy supply diminished by 11 per cent.

Sales volumes of trade went up by 7 per cent. Motor vehicle sales increased by 16 per cent, wholesale trade by 5 per cent and retail trade by 6 per cent.

Construction output increased by 6 per cent. Primary production went up by 15 per cent as fellings increased by 40 per cent from July 2006. Output in other service industries grew by 5 per cent but in transport diminished by 2 per cent from the corresponding month of the year before.

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, some services to industry are not described in the Monthly Indicator of Total Output.

Source: Monthly Indicator of Total Output 2007, July. 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 14.9.2007