Turnover and output in services fell in February

Working day adjusted turnover in service industries fell by 8.4 per cent in February 2021 from February 2020. Service output or volume, from which the impact of prices has been eliminated, fell by 7.6 per cent over the same period. In this year’s January, turnover went down by 9.3 per cent, while volume contracted correspondingly by 8.0 per cent. Services are here examined exclusive of trade.

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

In February 2021, the development measured by turnover adjusted for working days was weaker than in the entire service industry in accommodation and food service activities (-37.9%), arts, entertainment and recreation activities (-28.4%), transportation and storage (-16.2%), and administrative and support service activities (-11.5%). The development of the volumes of the industries was also weaker than the average development of the volume of service industries. The volume of accommodation and food service activities decreased by 41.0 per cent from February 2020. In turn, the volume of transportation and storage went down by 17.6 per cent in the corresponding time. In administrative and support service activities, the volume fell by 7.8 per cent from the previous year's February.

The most favourable development in the main service industries in February 2021 was seen in information and communication, where working day adjusted turnover grew by 2.8 per cent from one year earlier. The industry’s volume went up by 3.4 per cent in the corresponding period. Among the main industries, turnover also grew in professional, scientific and technical activities and real estate activities. By contrast, the volumes of the industries fell slightly in February of this year.

Annual change in working day adjusted turnover and volume of service industries, February 2021, % (TOL 2008)

Turnover and output grew from the previous month

Seasonally adjusted turnover in service industries grew by 0.3 per cent in February 2021 compared to January 2020. The output of services, from which the impact of prices has been eliminated, grew 0.5 per cent over the same period. In January, turnover grew by 1.6 per cent from December 2020, while volume was up by 0.6 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 are released at a delay of around six weeks. The data 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) (14.4.2021)

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Revisions in these statistics (14.4.2021)

Updated 14.4.2021

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. February 2021. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/plv/2021/02/plv_2021_02_2021-04-14_tie_001_en.html