Industrial output grew by 2.4 per cent in August

According to Statistics Finland, output of total industries adjusted for working days was 2.4 per cent higher in August 2011 than twelve months earlier. In July, output grew by 0.5 per cent. In the January to August period, industrial output adjusted for working days grew by 3.5 per cent from twelve months back.

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

In August, seasonally adjusted output went up by 2.1 per cent from July. In July, output decreased by 0.4 per cent from the previous month. In June, seasonally adjusted output fell by 3.7 per cent from May.

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

The biggest increase in output was recorded in the chemical industry where it went up by 17.4 per cent. In mining and quarrying, output increased by 17.2 per cent. Output in the metal industry was 2.1 per cent up on twelve months back. In the food industry, output was on level with one year ago. In the forest industry, output decreased by 3.5 per cent in August.

Working day adjusted change in industrial output by industry 8/2010-8/2011, %, TOL 2008

In August, capacity utilisation rate in manufacturing was 78.2 per cent, or 2.2 percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 82.9 per cent in August, or 2.1 percentage points higher than in August 2010. In the metal industry, capacity utilisation rate was 75.5 per cent in August, or 3.2 percentage points higher than one year earlier.

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. The Tax Administration’s periodic tax return 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 relates to, i.e. in this case August. The Tax Administration's data will be available when releasing data for the month for the second time, i.e. in the data for July.

Revised data for August 2011 will be published at 9 am on 10 November 2011 in connection with the release of industrial output data for September 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 2011, August. 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 2.4 per cent in August (10.10.2011)

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Updated 10.10.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. August 2011. Helsinki: Statistics Finland [referred: 20.12.2024].
Access method: http://www.stat.fi/til/ttvi/2011/08/ttvi_2011_08_2011-10-10_tie_001_en.html