Home > Statistics > Trend Indicator of Output > 2017 > March > Output of the national economy fell slightly in March from February, growth continues year-on-year

Published: 16 May 2017

Output of the national economy fell slightly in March from February, growth continues year-on-year

Seasonally adjusted output fell by 0.7 per cent in March 2017 from the month before. Adjusted for working days, output was 1.3 per cent higher than one year before. According to revised data, working day adjusted output grew in February by 2.8 per cent (previously 3.0 per cent) from February 2016.

Volume of total output 2005 to 2017, 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.

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

Working day adjusted primary production went up by one per cent, secondary production by five per cent and services by close on one per cent from March 2016.

Primary production refers to agriculture, hunting, 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.

GDP and employment are estimated to have grown in the first quarter of 2017

Seasonally adjusted GDP is estimated to have risen by 1.6 per cent from the previous quarter. According to the series adjusted for working days, GDP was 2.8 per cent up on the corresponding quarter of the year before. It is estimated that the number of the employed has increased by 0.5 per cent from the first quarter of 2016. Adjusted for working days, the number of hours worked was 1.8 per cent higher than in the same quarter of one year ago.

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 1 June 2017.

Flash estimate, seasonally adjusted, at reference year 2010 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 2017 March, Statistics Finland

Inquiries: Ida Peltonen 029 551 3334, Veli-Pekka Karvinen 029 551 2667, kansantalous.suhdanteet@stat.fi

Director in charge: Ville Vertanen

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Updated 16.5.2017