Home > Statistics > Volume index of industrial output > 2008 > November > Industrial output fell by 10.1 per cent year-on-year in November

Published: 31 December 2008

Industrial output fell by 10.1 per cent year-on-year in November

According to Statistics Finland, industrial output adjusted for working days was 10.1 per cent lower in November 2008 than twelve months earlier. In the January to November period, industrial output adjusted for working days only grew by 0.3 per cent year-on-year. The rate of growth has slowed down by good four percentage points from last year's corresponding time period.

The global economic downturn can also be seen in the development of Finnish industrial output. Lay-offs have increased and output is record low. Working day adjusted output last fell by more than this year-on-year in 1991, when the Finnish economic recession was at its deepest.

Output fell in all main industries in November. In the metal industry output still grew by nearly 2 per cent year-on-year in October. In November, the metal industry's output fell by good 8 per cent. Output declined most, by close on 18 per cent, in the wood and paper industry.

Capacity utilisation rate in manufacturing was 77 per cent in November, which was nearly 8 percentage points lower than in last year's corresponding month. Capacity utilisation rate in manufacturing has not been as low as in November for the last 13 years.

 

Working day adjusted change in industrial output by industry 11/2007-11/2008, %

 

Seasonally adjusted change in industrial output from previous month, %

 

Working day adjusted change in industrial output from corresponding month of previous year, %

Release timetable of Volume Index of Industrial Output in 2009

In 2009, the Finnish Volume Index of Industrial Output will be released at the lag of approximately 40 days, in other words on the 10th day of each month or on the weekday preceding it. For example, the Volume Index of Industrial Output for January 2009 will be released on 10 March 2009.

Release dates for the Volume Index of Industrial Output in 2009 are listed below:

Index month	2009
January	10 March
February	9 April
March	8 May
April	10 June
May	10 July
June	10 August
July	10 September
August	9 October
September	10 November
October	10 December

A project on a revision of the Volume Index of Industrial Output was launched in 2006 and will continue through next year. During the project the coverage of small and medium-sized enterprises has been improved, and volume data have been replaced with value data in the Volume Index, as well as the data inquiry widened to the most important industrial services. At the same time the data collection for the Volume Index of Industrial Output has been expanded. Price data are required for the deflation of value data in the compilation of the Volume Index.

Some of the data required by these revisions do not become available to Statistics Finland within the present release timetable. This is why the releasing of the Volume Index is postponed by approximately 10 days next year.

The revised standard industrial classification TOL 2008 will also be introduced when the Volume Index is released in January 2009. For further information on this see: http://stat.fi/til/ttvi/ttvi_2008-09-26_luo_001_en.html

Revised data for November 2008 will be published at 9 am on 30 January 2009 in connection with the industrial output data for December 2008.

 

Source: Volume Index of Industrial Output 2008, November. Statistics Finland

Inquiries: Mr Kari Rautio +358 9 1734 2479,volyymi.indeksi@stat.fi

Director in charge: Ms Hannele Orjala

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Last updated 31.12.2008