Turnover and output in services fell in November

Working day adjusted turnover in service industries fell by 8.8 per cent in November 2020 from November 2019. Service output or volume, from which the impact of prices has been eliminated, fell by 6.4 per cent over the same period. In this year's October, turnover went down by 9.0 per cent, while volume contracted correspondingly by 6.3 per cent. Services are here examined exclusive of trade.

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

In November 2020, the weakest development among the main service industries was recorded in accommodation and food service activities, where working day adjusted turnover fell by 36.7 per cent from November 2019. Over the same period, the volume also went down, being 37.1 per cent lower than in November 2019.

In the biggest service industry in terms of turnover, transportation and storage, working day adjusted turnover decreased by 19.1 per cent from November 2019. The volume of transportation and storage was 16.2 per cent lower in November 2020 than one year earlier. Working day adjusted turnover in the industry of arts, entertainment and recreation also went down, by 19.0 per cent from November 2019.

Administrative and support services activities also remained above the average fall in turnover in service industries, as working day adjusted turnover decreased by 10.3 per cent in November 2020 from November one year earlier. Correspondingly, the 8.3 per cent drop in the volume of the industry was weaker than the average development in the volume of service industries. Of the main service industries, other service activities also decreased, there turnover fell by 6.7 per cent from November 2019.

The most positive development in service industries in November 2020 was seen in information and communication, where turnover grew by 4.4 per cent in November 2020 from one year earlier. The 7.1 per cent rise in the volume of the industry from November 2019 was fastest among service industries. The working day adjusted turnover in real estate activities grew by 0.8 per cent from November 2019. In the corresponding period, the volume of the industry (+0.1%) was on level with November 2019. Working day adjusted turnover in professional, scientific and technical activities fell by 0.6 per cent from October 2019. The volume of the industry then rose by 0.3 per cent.

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

Turnover and output grew slightly

Seasonally adjusted turnover in service industries remained almost on level with the previous months in October and November 2020. The output of services, from which the impact of changes has been eliminated, grew by 0.4 per cent in both October and November compared to the previous months.

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

Head of Department in charge: Katri Kaaja

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Appendix table 1. Annual change in working day adjusted turnover and volume in sectors of services, % (TOL 2008) (14.1.2021)

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Revisions in these statistics (14.1.2021)

Updated 14.1.2021

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. November 2020. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/plv/2020/11/plv_2020_11_2021-01-14_tie_001_en.html