Published: 14 August 2020
Turnover in industry decreased by 7.7 per cent in June
According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) decreased in June by 7.7 per cent year-on-year. Among the main industries, turnover declined most in the chemical industry, by 23.9 per cent, and in the forest industry, by 19.5 per cent from one year ago. Seasonally adjusted turnover in industry (TOL BCD) grew by 1.0 per cent compared to May. The exceptional situation caused by coronavirus had an effect on the development of some of the manufacturing industries.
Annual change in working day adjusted turnover in manufacturing (BCD), % (TOL 2008)
In addition to the chemical and forestry industries, turnover declined by 10.7 per cent in the textile, clothing and leather industry, by 4.6 per cent in electricity, gas, steam and air conditioning supply, by 2.3 per cent in the electrical and electronics industry and by 1.8 per cent in the food industry from one year ago. Correspondingly, among the main industries, mining and quarrying grew most, by 32.0 per cent from one year ago. Turnover in the metal industry also grew by 0.6 per cent in June.
Annual change in working day adjusted turnover in manufacturing by industry, June 2020, % (TOL 2008)
Export turnover decreased most in the chemical industry in May
Among the main industries, export turnover adjusted for working days fell in May most in the chemical industry, by 34.3 per cent from one year ago. Export turnover decreased by 20.0 per cent in the textile, clothing and leather industry, by 18.4 per cent in the electrical and electronics industry and by 16.5 per cent in the forest industry. In contrast, export turnover grew most strongly in mining and quarrying, by 93.5 per cent from one year ago. In May export turnover also increased in the electronic and electrical industry, by 31.8 per cent and in the metal industry, by 3.4 per cent.
Annual change in working day adjusted export turnover and domestic turnover in manufacturing by industry, May 2020, % (TOL 2008)
Domestic turnover decreased in May in nearly all main industries. Domestic turnover in the chemical industry contracted most, by 25.4 per cent from the year before. Domestic turnover decreased in the textile, clothing and leather industry by 11.2 per cent, in the electrical and electronics industry by 9.9 per cent, and in the forest industry by 7.2 per cent. Domestic turnover in the metal industry was 6.9 per cent lower and in the electrical and electronics industry 5.5 per cent lower than one year earlier. Growth was recorded in domestic turnover only for mining and quarrying, up by 12.4 per cent from a year earlier.
Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), January 2007 to May-June 2020, % (TOL 2008)
The index of turnover in industry describes enterprises whose main industry is manufacturing. The calculation of the indices is based on the Tax Administration’s self-assessed tax data which are supplemented with data obtained with Statistics Finland’s sales inquiry. The monthly turnovers of manufacturing enterprises can vary considerably, especially in the metal industries. The variation is mainly due to invoicing practices. The final invoice for major machinery deliveries and projects may be recorded in the sales of one month, even if the delivery had required the work of several months or years.
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.
In terms of turnover, 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. Export turnover and domestic turnover are, for the time being, still released at a delay of two and a half months.
Source: Index of turnover in industry 2020, June, Statistics Finland
Inquiries: Maija Sappinen 029 551 3348, Heli Suonio 029 551 2481, myynti.teollisuus@stat.fi
Director in charge: Mari Ylä-Jarkko
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Updated 14.8.2020
Official Statistics of Finland (OSF):
Index of turnover in industry [e-publication].
ISSN=1798-596X. June 2020. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/tlv/2020/06/tlv_2020_06_2020-08-14_tie_001_en.html