Industrial output grew by 1.7 per cent in March

According to Statistics Finland, output of total industries adjusted for working days was 1.7 per cent higher in March 2010 than twelve months earlier. In February output was 0.8 per cent higher than one year earlier. In the first quarter of 2010 industrial output has grown by nearly four per cent from one year back.

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

Seasonally adjusted output grew in March by 1.5 per cent compared with the previous month. In February output contracted by 3.2 per cent from January. In January output increased by good two per cent from December.

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

Among industries the biggest growth was recorded in working day adjusted output in electricity, gas, steam and air conditioning supply, up by as much as 11.6 per cent. Despite the stoppages caused by the harbour strike, in the forest industry output adjusted for working days grew in March by 8.4 per cent from one year ago. The metal industry exclusive of the electrical and electronics industry grew year-on-year for the first time in nearly eighteen months. In March output in that industry went up by 4.4 per cent. Output in the chemical industry continued to grow and was in March nearly three per cent higher than one year ago. Output adjusted for working days fell most in the electrical and electronics industry, where output was 2.1 per cent lower than one year previously.

Working day adjusted change in industrial output by industry 3/2009-3/2010, %, TOL 2008

Capacity utilisation rate in manufacturing continued to rise in March. In March capacity utilisation rate was 74.3 per cent, or nearly four percentage points higher than one year before. In the forest industry capacity utilisation rate was 76.2 per cent, with a growth of around five percentage points from one year back. Capacity utilisation rate in the chemical industry has remained at good 82 per cent throughout the early part of the year.

Estimation

Statistics Finland has increased the use of estimation and around ten per cent of the index for March was estimated. About 24 per cent of the index for January and February was previously estimated. In Electrical and electronics industry (26-27) estimation has been used in the calculation of the index for January and February. Now the estimated data have been replaced and for this reason the data for January and February have become revised. In addition, the Tax Administration’s payment control data are used to compile statistics on the output of enterprises with fewer than 50 employees. Enterprises with fewer than 50 employees account for around 13 per cent of total industries and these data cover nearly 70 per cent of the output of enterprises with fewer than 50 employees. These data are not at Statistics Finland's disposal by the release date of the volume index of industrial output. For this reason the data on these enterprises are estimated for the month the release relates to. The payment control data will be available when releasing data for the month for the second time, i.e. in the data for February. In this release the estimated values of the payment control data for January and February were replaced with the actual values. Further information: Revisions to data of the volume index of industrial output, January-February 2010

Revised data for March will be published on 10 June 2010 at 9 am in connection with the release of industrial output data for April. 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 2010, March. Statistics Finland

Inquiries: Aki Savolainen (09) 1734 2703, Kari Rautio (09) 1734 2479, volyymi.indeksi@stat.fi

Director in charge: Hannele Orjala

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Industrial output grew by 1.7 per cent in March (10.5.2010)

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Updated 10.05.2010

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. March 2010. Helsinki: Statistics Finland [referred: 19.11.2024].
Access method: http://www.stat.fi/til/ttvi/2010/03/ttvi_2010_03_2010-05-10_tie_001_en.html