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Published: 13 March 2020

Turnover and output in services grew in January

Working day adjusted turnover in service industries grew by 4,0 per cent in January 2020 from January 2019. Service output or volume, from which the impact of prices has been eliminated, grew by 2.9 per cent over the same period. In December 2019, turnover reached a growth of 2.5 per cent, while volume went up by 1.1 per cent from one year back. Services are here examined exclusive of trade.

Annual change in working day adjusted turnover and volume of service industries, %

In January 2020, the strongest development among the main service industries was recorded in information and communication, where working day adjusted turnover increased by 5.3 per cent from January 2019. Measured by volume, the industry’s 4.4 per cent growth from January 2019 was also fastest among the service industries.

Among the main service industries, both other service activities (+4.8 %) and accommodation and food service activities (+4.7 %) reached an almost equally high growth measured by working day adjusted turnover. By contrast, the volume growth of accommodation and food service activities reached only 2.9 per cent compared to January 2019.

A slightly more positive development of turnover than average for service industries was recorded in administrative and support service activities, where working day adjusted turnover grew by 4.1 per cent from January 2019. The volume of the industry also reached better development than average for service industries and was 3.1 per cent higher in January 2020 compared to the previous year.

The working-day adjusted turnover of the biggest service industry, transportation and storage activities, grew by 2.7 per cent in January 2020 compared to the previous year. In the corresponding time, the volume of the industry also increased, by 2.1 per cent.

Annual change in working day adjusted turnover and volume of service industries, January 2020, % (TOL 2008)

Volume grew more strongly than turnover compared with the previous month

Seasonally adjusted turnover in service industries increased by 0.7 per cent in January 2020 compared to December 2019. The output of services, from which the impact of prices has been eliminated, reached a growth of 0.9 per cent in the corresponding time. In December 2019, turnover grew by 1.0 per cent from November 2019. At the same time, volume grew by 0.3 per cent.

Change in seasonally adjusted turnover and volume from the previous month of service industries, %

The data for the latest month are preliminary and they may become significantly revised particularly on more detailed industry levels in coming months. The volume of service industries is calculated by eliminating the effect of price changes from the turnover index.

The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.

Source: Turnover of service industries, Statistics Finland

Inquiries: Aki Niskanen 029 551 2657, Katja Liukkonen 029 551 3515, Tony Valve 029 551 3453, palvelut.suhdanne@stat.fi

Director in charge: Mari Ylä-Jarkko

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Appendix tables

• Appendix table 1. Annual change in working day adjusted turnover and volume in sectors of services, % (TOL 2008) (13.3.2020)

Figures

• Appendix figure 1. Turnover and volume of service industries, trend series (13.3.2020)
• Appendix figure 2. Turnover and volume of transportation and storage, trend series (13.3.2020)
• Appendix figure 3. Turnover and volume of information and communication, trend series (13.3.2020)
• Appendix figure 4. Turnover and volume of real estate activities, trend series (13.3.2020)
• Appendix figure 5. Turnover and volume of professional, scientific and technical activities, trend series (13.3.2020)
• Appendix figure 6. Turnover and volume of administrative and support service activities, trend series (13.3.2020)

Revisions in these statistics

• Revisions in these statistics (13.3.2020)

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Updated 13.03.2020