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Published: 9 October 2012

Output of the national economy grew in July 2012

Seasonally adjusted output grew by 0.4 per cent in July 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 June by 0.5 per cent (previously -0.7 per cent) from June 2011. The revision is caused by the benchmarking of the data to quarterly accounts and changes in the compilation methods of the Trend Indicator of Output.

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, %

Primary production is estimated to have fallen by three per cent from July 2011. Secondary production increased by close on two per cent. Services are estimated to have remained on level with the previous year. Primary production refers to agriculture, forestry and fishing. 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.

Source: Trend Indicator of Output 2012, July, 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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Updated 9.10.2012