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Published: 15 September 2021

Output of the national economy grew in July

Adjusted for working days, output grew by 5.5 per cent in July 2021 from one year back. In July, seasonally adjusted output grew by 0.2 per cent from the month before. According to revised data, working day adjusted output grew in June 2021 by 9.1 per cent (previously 9.7 per cent) from June last year.

Volume of total output 2005 to 2021, 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 decreased by around six per cent. Secondary production grew by some three per cent and services by around seven per cent from July 2020.

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.

Source: Trend Indicator of Output 2021 July, Statistics Finland

Inquiries: Janne Eskelinen 029 551 2316, Eveliina Heinänen 029 551 3436, kansantalous.suhdanteet@stat.fi

Head of Department in charge: Katri Kaaja

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Updated 15.09.2021