Industrial output fell by nearly 19 per cent year-on-year in October

According to Statistics Finland, output of total industries adjusted for working days was 18.9 per cent lower in October 2009 than twelve months earlier. In September, industrial output decreased by 22.7 per cent year-on-year. Over the January to October period, industrial output has decreased by 22.4 per cent from the corresponding period in the year before. A historically steep plunge in Finland's industrial output has continued for almost a year now. The collapse of industrial output began in December 2008.

Output declined year-on-year in all main industries in October. The largest drop of good 33 per cent was recorded in the output of the electrical and electronics industry. In October, output fell by good 28 per cent in the metal industry and by 14 per cent in the chemical industry. In the forest industry output diminished by 6.9 per cent in October.

Working day adjusted change in industrial output by industry 10/2008-10/2009, %, TOL 2008

*Metal industry excl. manufacture of electrical and electronic products

Seasonally adjusted change in industrial output (BCDE) from previous month, %, TOL 2008

Working day adjusted change in industrial output (BCDE) from corresponding month of previous year, %, TOL 2008

Capacity utilisation rate in manufacturing was 69.8 per cent in October, which was just under 14 percentage points lower than in last year's corresponding month. In the forest industry, capacity utilisation rate was 79.9 per cent, which was just short of two percentage point lower than one year earlier.

Annual volume indices have been calculated for 2007 and 2008

Final annual volume indices were also calculated for 2007 and 2008 in connection with the calculation of the October 2009 index. In addition, the used seasonal adjustment models were reviewed. For further information on this, see:
http://tilastokeskus.fi/til/ttvi/ttvi_2009-12-10_uut_001_en.html

Estimation

In many months of the year the volume index of industrial output uses estimation in industry 26-27, Electrical and electronics industry. In this industry Statistics Finland estimates data 8 times a year. Not all of the data on this industry are at Statistics Finland's disposal at the time of publication. As the weight of the industry (26-27) is under 20 per cent in total industries, using estimation may influence the point figures and change percentages calculated for the volume index of industrial output even if previous months' data on other industries do not become revised.

Revised data for October will be published at 9 am on 8 January 2010 in connection with the release of industrial output data for November. Because of the method used, seasonally adjusted figures for previous months may change even if the original figures do not become revised. The seasonally adjusted figures will also be adjusted for working days.

Source: Volume Index of Industrial Output 2009, October. Statistics Finland

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

Director in charge: Hannele Orjala

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Last updated 10.12.2009

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. October 2009. Helsinki: Statistics Finland [referred: 19.11.2024].
Access method: http://www.stat.fi/til/ttvi/2009/10/ttvi_2009_10_2009-12-10_tie_001_en.html