Turnover in manufacturing grew by 11.7 per cent in May

According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) increased in May by 11.7 per cent year-on-year. Turnover grew in nearly all main industries. The development was partly due to the exceptional situation caused by the coronavirus one year earlier. Among the main industries, turnover grew strongest in electricity, gas, steam and air conditioning supply, by 20.0 per cent from one year ago. Seasonally adjusted turnover in industry (TOL BCD) grew by 0.7 per cent in May compared with April.

Annual change in working day adjusted turnover in manufacturing (BCD), % (TOL 2008)

Turnover in the forest industry was 16.5 per cent higher in May than one year previously. Turnover grew by 11.3 per cent in the chemical industry and by 9.7 per cent in the textile, clothing and leather industry. The food industry grew by 8.8 per cent, the metal industry by 6.9 per cent and mining and quarrying by 2.7 per cent. Turnover decreased only in the electronic and electrical industry, by 6.7 per cent from twelve months earlier.

Annual change in working day adjusted turnover in manufacturing by industry, May 2021, % (TOL 2008)

Export turnover growing in nearly all main industries in May

Export turnover grew in almost all main industries in May. Export turnover grew most in the forest industry, by 18.7 per cent, and in the food industry, by 17.6 per cent. Export turnover grew in mining and quarrying by 13.3 per cent, in the textile, clothing and leather industry by 11.5 per cent, and in the metal industry by 9.3 per cent. Export turnover in the chemical industry was 5.5 per cent higher than one year previously. Export turnover decreased only in the electrical and electronics industry, by 8.2 per cent year-on-year.

Annual change in working day adjusted export turnover and domestic turnover in manufacturing by industry, May 2021, % (TOL 2008)

Domestic turnover increased in May in nearly all main industries. Most growth was recorded in the chemical industry, up by 20.9 per cent, and in the metal industry, up by 12.7 per cent. Domestic turnover grew in the forest industry by 12.4 per cent and in the electrical and electronics industry by 10.8 per cent from one year ago. Turnover in the textile, clothing and leather industry was 8.5 per cent higher and in the food industry 8.4 per higher than in the previous year. Domestic turnover declined only in mining and quarrying, by 3.7 per cent from a year earlier.

Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), 1/2007 to 5/2021, % (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.

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. Revisions to the data may be particularly significant on the more accurate industry levels of export turnover and domestic turnover.

Source: Index of turnover in industry 2021, May, Statistics Finland

Inquiries: Maija Sappinen 029 551 3348, Aleksi Paavonen 029 551 3762, myynti.teollisuus@stat.fi

Head of Department in charge: Katri Kaaja

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Appendix tables

Appendix table 1. Annual change of working-day adjusted turnover in industries of manufacturing, % (TOL 2008) (15.7.2021)

Figures

Appendix figure 1. Change from the previous month in seasonally adjusted turnover in manufacturing (BCD), % (TOL 2008) (15.7.2021)

Revisions in these statistics

Revisions in these statistics (15.7.2021)

Updated 15.7.2021

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover in industry [e-publication].
ISSN=1798-596X. May 2021. Helsinki: Statistics Finland [referred: 20.12.2024].
Access method: http://www.stat.fi/til/tlv/2021/05/tlv_2021_05_2021-07-15_tie_001_en.html