Turnover in industry grew by 17.8 per cent in August

According to Statistics Finland, working day adjusted turnover in industry (TOL BCD) increased in August by 17.8 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. Of the main industries, turnover increased most in the chemical industry, by 27.9 per cent, and in the forest industry, by 27.0 per cent from one year earlier. Seasonally adjusted turnover in industry (TOL BCD) grew by 2.8 per cent in August compared to July.

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

Working day adjusted turnover in electricity, gas, steam and air conditioning supply grew by 25.2 per cent in August from one year back. In the metal industry, turnover was 16.6 per cent higher and in the electronic and electrical industry 15.9 per cent higher than one year previously. Turnover also increased in the industry of mining and quarrying, by 3.3 per cent, and in the food industry, by 2.9 per cent year-on-year. Turnover decreased only in the textile, clothing and leather industry, by 1.8 per cent from one year ago.

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

Export turnover grew in August in nearly all main industries

Export turnover increased in August most in the chemical industry, by 32.2 per cent from one year earlier. Export turnover in the forest industry grew by 27.0 per cent and export turnover in mining and quarrying by 19.3 per cent. In the electronic and electrical industry, the growth amounted to 19.0 per cent and in the metal industry to 17.6 per cent. In the food industry, export turnover grew by 1.9 per cent. Export turnover decreased only in the textile, clothing and leather industry, by 1.8 per cent from one year ago.

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

Domestic turnover in the forest industry increased most among the main industries, by 27.2 per cent year-on-year. In the chemical industry, the growth amounted to 19.8 per cent and in the metal industry to 12.1 per cent. Domestic turnover in the electronic and electrical industry grew by 5.3 per cent and in the food industry by 3.1 per cent. Domestic turnover decreased in the textile, clothing and leather industry, by 1.9 per cent, and in mining and quarrying, by 1.7 per cent from the previous year.

Trend series of turnover, export turnover and domestic turnover in manufacturing (BC), 1/2007 to 8/2021, % (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.

New tables for the index of turnover in industry

Statistics Finland starts publishing data on revisions to the turnover data of industry in the StatFin database service. The published data allow better monitoring of the relevance of industry-specific change percentages. More about this under Changes in these statistics .

Source: Index of turnover in industry 2021, August, 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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Tables

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Appendix tables

Appendix table 1. Annual change of working-day adjusted turnover in industries of manufacturing, % (TOL 2008) (15.10.2021)

Figures

Appendix figure 1. Change from the previous month in seasonally adjusted turnover in manufacturing (BCD), % (TOL 2008) (15.10.2021)

Revisions in these statistics

Revisions in these statistics (15.10.2021)

Updated 15.10.2021

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover in industry [e-publication].
ISSN=1798-596X. August 2021. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/tlv/2021/08/tlv_2021_08_2021-10-15_tie_001_en.html