Turnover and output in services grew in October

According to Statistics Finland, working day adjusted turnover in service industries grew by 12.8 per cent in October 2021 from October 2020. Service output or volume, from which the impact of prices has been eliminated, grew by 9.5 per cent over the same period. In this year’s September, turnover reached a growth of 10.9 per cent, while volume went up by 7.6 per cent from one year back. The development was partly due to the exceptional situation caused by the coronavirus one year earlier. Services are here examined exclusive of trade.

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

Service industries most hit by corona still behind October 2019

Adjusted for working days, turnover in service industries was 2.1 per cent higher in October 2021 than in October 2019 prior to the coronavirus period. In the corresponding period, the volume of service industries grew by 2.0 per cent. However, for some service industries, the development of working day adjusted turnover still remained on a lower level than in October 2019.

In October 2021, working day adjusted turnover in arts, entertainment and recreation activities was 20.7 per cent lower than in October 2019. In transportation and storage, working day adjusted turnover was 6.8 per cent and volume 8.8 per cent lower than in October 2019. Turnover in accommodation and food service activities was also 4.2 per cent lower and volume 6.2 per cent lower than in October two years ago.

Main service industries grew except arts, entertainment and recreation activities

Turnover and volume grew in nearly all main service industries from October 2021. Turnover fell only in arts, entertainment and recreation activities being 3.3 per cent lower than one year before. Adjusted for working days, turnover in accommodation and food service activities rose by 34.7 per cent and volume 31,9 per cent from October 2020. In transportation and storage, turnover went up by 19.8 per cent while volume grew by 10.7 per cent. In administrative and support service activities, working day adjusted turnover rose by 13.3 per cent and volume by 9.8 per cent from October the year before.

Other service industries developed less slowly than the average development in service industries. The working day adjusted turnover of other service activities went up by 10.1 per cent from October 2020. In October 2021, working day adjusted turnover in professional, scientific and technical activities increased by 9.5 per cent and volume by 7.5 per cent from the year before.

In the industry of information and communication, working day adjusted turnover grew by 7.6 per cent from October 2021 while the volume of the industry was growing by 7.2 per cent over the same period. In October 2021, working day adjusted turnover in real estate activities went up by 6.7 per cent and volume by 5.0 per cent from October 2020.

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

Turnover and output grew from the previous month

Seasonally adjusted turnover in service industries rose by 1.4 per cent in October 2021 compared with September. The output of services, from which the impact of prices has been eliminated, grew by 1.3 per cent over the same period. In September 2021, turnover also grew by 1.4 per cent from August and volume grew by 0.8 per cent over the same period.

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, myynti.palvelut@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) (14.12.2021)

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Revisions in these statistics (14.12.2021)

Updated 14.12.2021

Referencing instructions:

Official Statistics of Finland (OSF): Turnover of service industries [e-publication].
ISSN=1799-0998. October 2021. Helsinki: Statistics Finland [referred: 21.11.2024].
Access method: http://www.stat.fi/til/plv/2021/10/plv_2021_10_2021-12-14_tie_001_en.html