Total output fell in December

The volume of total output fell by 0.7 per cent in December 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.

The 2007 data of the Monthly Indicator of Total Output have been revised to correspond to those of the revised Volume Index of Industrial Output.

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 December 2006

The volume of total output grew by 2.3 per cent in December 2007 from December of the previous year. Four of the six main industries grew, and trade and transport stayed level with December 2006.

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

According to the original series of the revised(*) volume index of industrial output, industrial output increased by 2.6 per cent from December 2006. Output volumes in the whole metal industry rose by 4 per cent and production in its sub-industry of manufacture of electrical and electronic equipment went up by 14 per cent. Energy supply grew by 10 per cent, but output in the wood and paper industry declined by 3 per cent from December 2006.

Sales volumes of trade stayed at the December 2006 level. Motor vehicle sales declined already for the second consecutive month, by 12 per cent. By contrast, wholesale and retail trade increased by 2 and 3 per cent, respectively, year-on-year.

The rate of growth in construction slowed down to one per cent. Primary production went up by 2 per cent and output in other service industries by 4 per cent. In transport, output remained level with the previous year's corresponding month.

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.

(*) Where appropriate, value data for 2007 have been used in the Volume Index of Industrial Output published now. This has also enabled the more comprehensive than before inclusion in the statistics of services produced by manufacturing enterprises. Services may include not only so-called industrial services (repair, maintenance and installation) but also other services such as research and development services, administrative services, royalties and licences as well as merchanting services. Inquiries: http://tilastokeskus.fi/org/tilastokeskus/tkhankkeet_teollisuus_en.html.

Source: Monthly Indicator of Total Output 2007, December. 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 14.2.2008

Referencing instructions:

Official Statistics of Finland (OSF): Trend Indicator of Output [e-publication].
ISSN=1798-5439. December 2007. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ktkk/2007/12/ktkk_2007_12_2008-02-14_tie_001_en.html