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Published: 16 January 2008

Total output grew in November

The volume of total output went up by 0.1 per cent in November 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 1.5 per cent higher than in November 2006

The volume of total output grew by 1.5 per cent in November 2007 from November of the previous year. Of the six main industries, manufacturing and transport declined.

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 1.4 per cent from November 2006. In the whole metal industry, the volumes of output fell by 5 per cent and production in its sub-industry of manufacture of electronic and electrical products declined by 14 per cent. In the wood and paper industry, output decreased by one per cent. Energy supply grew by 4 per cent and other manufacturing inclusive of the chemical industry by 2 per cent from November 2006.

Sales volumes of trade went up by 3 per cent. Motor vehicle sales declined by 16 per cent but wholesale trade and retail trade both increased by 6 per cent year-on-year.

Construction output grew by one per cent. Primary production went up by 5 per cent as fellings increased by 9 per cent up from November 2006. Output in other service industries increased by 4 per cent but decreased by one per cent in transport.

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 and intermediate consumption at current prices 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, November. 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 16.1.2008