Industrial output grew by 8.9 per cent in December 2010

According to Statistics Finland, output of total industries adjusted for working days was 8.9 per cent higher in December 2010 than twelve months earlier. In November output was 7.8 per cent higher than one year before. According to preliminary data, industrial output grew by six per cent in 2010. The level of output for 2005 was attained last year. In the year of crisis, 2009, the level of output had fallen to the level of 2003.

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

In December, seasonally adjusted output increased by one per cent from the previous month. In November, output decreased by 0.5 per cent from the previous month. In October, seasonally adjusted output grew by 1.6 per cent from September.

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

Output went up in most main industries in December. Among industries, the biggest growth was recorded in mining and quarrying, where output was as much as 25.1 per cent higher than in December 2009. The strong growth in mining has continued for several months. The brisk growth in electricity production has been going on for over one year. In December its output had grown by nearly 12 per cent. Output in the metal industry grew by 10.8 per cent from December 2009. Output in the electrical and electronics industry went up by 5.7 per cent. In the forest industry, output grew by 5.6 per cent from one year ago. In the chemical industry, output grew by 4.5 per cent. Among the main industries, output fell only in the food industry, down by 2.8 per cent.

Working day adjusted change in industrial output by industry 12/2009-12/2010, %, TOL 2008

Capacity utilisation rate in manufacturing was 77.9 per cent in December, or 13.9 percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 80.2 per cent, up by 12.8 percentage points from one year back. In the metal industry, capacity utilisation rate was 77.9 per cent in December, or 17.5 percentage points higher than one year earlier.

Year-on-year change in industrial output (BCDE) 2000–2010, %, TOL 2008

Estimation

Statistics Finland has increased the use of estimation. The main reason why the data become revised is the estimation used for activities 26-27. Some listed companies do not provide their data within the production timetable of the statistics so these data have to be estimated. This has to be done eight times per year. For instance, the data for the October to November period were estimated. In connection with the data for December, the data for the October to November period were also obtained and they became revised upwards. The Tax Administration’s periodic tax 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 industrial output and these data cover nearly 70 per cent of the production 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 concerns, i.e. in this case December 2010. The Tax Administration’s data will be available when releasing data for the month for the second time, i.e. in the data for January.

Revised data for December will be published at 9 am on 10 March 2011 in connection with the industrial output data for January 2011. 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, December. Statistics Finland

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

Director in charge: Hannele Orjala

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Industrial output grew by 8.9 per cent in December (10.2.2011)

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Updated 10.2.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. December 2010. Helsinki: Statistics Finland [referred: 19.11.2024].
Access method: http://www.stat.fi/til/ttvi/2010/12/ttvi_2010_12_2011-02-10_tie_001_en.html