Home > Statistics > Trend Indicator of Output > 2008 > November > Output of the national economy fell in November

Published: 6 February 2009

Output of the national economy fell in November

Seasonally adjusted output fell by 1.9 per cent from the month before. Adjusted for working days, output fell by 4.0 per cent from November 2007. According to the original series, output was 6.0 per cent lower than in November of the year before. November 2008 had two working days less than the corresponding month of the previous year. The data derive from Statistics Finland's Trend Indicator of Output. The data are preliminary and will become revised later.

According to revised data, seasonally adjusted output fell in October by 0.1 per cent from the month before (previously -1.1 per cent). Output adjusted for working days increased by 0.7 per cent (previously -1.6 per cent) and the original series showed 0.9 per cent growth (previously -1.5 per cent) from October 2007. The revision primary came from updates to the source data on service industries. Adjusted for working days, services grew by 2.6 per cent in October (previously -1.2 per cent). The weight of service industries in the Trend Indicator of Output is almost 60 per cent.

Volume of total output 2003 - 2008, trend and seasonally adjusted series

The series of the Trend Indicator of 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.

Working day adjusted change of total output from previous year's corresponding month, %

According to the working day adjusted series, primary production is estimated to have contracted by just short of 16 per cent from November 2007. Secondary production declined by 9 per cent. Adjusted for working days, output in service industries remained on level with the previous year. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities as well as real estate, renting and research services, financial intermediation and insurance, and public services. Primary production refers to agriculture, forestry and fishery.

Source: Trend Indicator of Output 2008, November Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667, Mr Samu Hakala +358 9 1734 3756 kansantalous.suhdanteet@stat.fi

Director in charge: Mr Ari Tyrkkö

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Last updated 6.2.2009