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Published: 8 August 2012

Output of the national economy grew in May 2012

Seasonally adjusted output grew by 0.8 per cent in May from the month before. Adjusted for working days, output went up by 0.3 per cent from the level of the previous year's corresponding month. According to revised data, working-day adjusted output grew in April by 0.4 per cent (previously 0.2 per cent) from April 2011. The revision is caused by the benchmarking of the data to quarterly accounts.

Volume of total output 2005 – 2012, 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. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data. Information on seasonal adjustment method: http://www.tilastokeskus.fi/til/tramo_seats_en.html

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

Adjusted for working days, primary production is estimated to have grown by seven per cent and secondary production by close on one per cent from May 2011. Services 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 fishing.

Source: Trend Indicator of Output 2012, May, Statistics Finland

Inquiries: Veli-Pekka Karvinen 09 1734 2667, Samu Hakala 09 1734 3756, kansantalous.suhdanteet@stat.fi

Director in charge: Ari Tyrkkö

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Appendix tables

• Appendix table 1. Revisions to the data of the Trend Indicator of Output (8.8.2012)

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Updated 8.8.2012