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Published: 14 August 2013

Output of the national economy decreased in June 2013

Seasonally adjusted output decreased by 0.1 per cent in June from the month before. Adjusted for working days, output was on level with the previous year. June 2013 had one working day less than the corresponding month of the previous year. According to the original series, output was 1.6 per cent smaller than in June of the year before. According to revised data, working-day adjusted output fell in May by 0.7 per cent (previously -0.8 per cent) from May 2012.

Volume of total output 2005 – 2013, 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, %

Secondary production decreased by two per cent from one year ago. Services remained on level with the previous year and primary production grew by one per cent from June 2012.

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, hunting, forestry and fishing.

Estimated development of GDP and employment in the second quarter of 2013

Seasonally adjusted GDP is estimated to have grown by 0.7 per cent from the previous quarter. According to the series adjusted for working days, GDP was 0.1 per cent up on the corresponding quarter of the year before. The second quarter of 2013 had one working day more than in 2012. It is estimated that the number of the employed has contracted by 0.6 per cent and hours worked fallen by 0.3 per cent from the second quarter of 2012.

The data are based on preliminary data of the Trend Indicator of Output. The next quarterly national accounts with more detailed data will be published on 5 September 2013.

Flash estimate, seasonally adjusted, at reference year 2000 prices

Intermediate consumption, as well as taxes and subsidies on products, are not estimated in the compilation of the quarterly flash estimate, but quarterly GDP is carried forward with a change based on the data of the Trend Indicator of Output.

Source: Trend Indicator of Output 2013, June, Statistics Finland

Inquiries: Veli-Pekka Karvinen 09 1734 2667, Pasi Koikkalainen 09 1734 3332, kansantalous.suhdanteet@stat.fi

Director in charge: Leena Storgårds

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Updated 14.8.2013