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Published: 16 October 2007

Total output grew in August

The volume of total output went up by 0.2 per cent in August from the month before. The data derive from 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 2.7 per cent higher than in August 2006

The volume of total output grew by 2.7 per cent in August 2007 from August of the previous 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 diminished by 0.3 per cent from August 2006. Volumes of output remained on level with the previous year in the metal industry as a whole, but fell by 2 per cent in its sub-industry of manufacture of electrical and electronic products. Output fell by 2 per cent also in the wood and paper industry. Energy supply fell by 7 per cent, but other manufacturing including chemical industry grew by 3 per cent from August 2006.

Sales volumes of trade went up by 5 per cent. Motor vehicle sales went up by 9 per cent, wholesale trade by 3 per cent and retail trade by 8 per cent.

Construction output increased by 3 per cent. Primary production went up by 8 per cent as fellings were 15 per cent up from August 2006. Output in other service industries grew by 5 per cent, but transport diminished by just short of one 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, August. 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 16.10.2007