Turnover in industry grew by 16.5 per cent in July

According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) increased in July by 16.5 per cent year-on-year. Turnover grew in almost all main industries. The development was partly due to the exceptional situation caused by the coronavirus one year earlier. Among the main industries, turnover growth was strongest in electricity, gas, steam and air conditioning supply, up by 44.5 per cent from one year back. The growth in the industry was in part affected by risen prices of electricity. Seasonally adjusted turnover in industry (TOL BCD) grew by 2.3 per cent in July compared with June.

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

In July, turnover in the forest industry went up by 28.7 per cent and in the chemical industry by 20.1 per cent. Turnover in mining and quarrying was 11.4 per cent higher and turnover in the metal industry 11.2 per cent higher than one year earlier. Turnover in the textile, clothing and leather industry grew by 10.9 per cent and in the food industry by 5.2 per cent. Turnover decreased only in the electrical and electronics industry, by 8.6 per cent from twelve months earlier.

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

Export turnover grew in July in nearly all main industries

Export turnover grew most in the industry of mining and quarrying, by 32.9 per cent from one year ago. In the forest industry, export turnover was 29.4 per cent higher and in the chemical industry 23.7 per cent higher than one year earlier. Export turnover in the textile, clothing and leather industry grew by 15.8 per cent, in the metal industry by 6.7 per cent and in the food industry by 3.4 per cent. Export turnover decreased only in the electrical and electronics industry, by 13.6 per cent from twelve months earlier.

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

Domestic turnover increased most in the forest industry, by 26.7 per cent from one year earlier. In the metal industry, domestic turnover was 16.8 per cent higher and in the electrical and electronics industry 16.7 per cent higher than one year previously. Domestic turnover in the chemical industry grew by 14.2 per cent. Domestic turnover in the textile, clothing and leather industry grew by 7.5 per cent and in the food industry by 5.2 per cent. Domestic turnover decreased only in the industry of mining and quarrying, by 3.2 per cent from one year ago.

Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), 1/2007 to 7/2021, % (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, July, Statistics Finland

Inquiries: Jussi Haavisto 029 551 3341, Heli Suonio 029 551 2481, 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) (15.9.2021)

Figures

Appendix figure 1. Change from the previous month in seasonally adjusted turnover in manufacturing (BCD), % (TOL 2008) (15.9.2021)

Revisions in these statistics

Revisions in these statistics (15.9.2021)

Updated 15.9.2021

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover in industry [e-publication].
ISSN=1798-596X. July 2021. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/tlv/2021/07/tlv_2021_07_2021-09-15_tie_001_en.html