Industrial output decreased by 1.3 per cent in September

According to Statistics Finland, output of total industries adjusted for working days was 1.3 per cent lower in September 2011 than twelve months earlier. In August, output grew by 0.1 per cent. In the January to September period, industrial output adjusted for working days grew by 1.9 per cent from twelve months back.

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

Seasonally adjusted output fell in September by 0.4 per cent compared with the previous month. In August, output increased by 2.1 per cent from the previous month. In July, seasonally adjusted output fell by 0.8 per cent from June.

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

The growth rate of industrial output has petered out and in several main industries output went down in September. Output declined most in electricity production, by good 20 per cent. Output in the electrical and electronics industry decreased by close on 11 per cent from one year back. In the forest industry, output went down by 5.2 per cent in September. In mining and quarrying, output decreased by two per cent in September.

Working day adjusted change in industrial output by industry 9/2010-9/2011, %, TOL 2008

In September, capacity utilisation rate in manufacturing was 82.7 per cent, or 5.4 percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 82.3 per cent in September, or two percentage points lower than in September 2010. In the metal industry, capacity utilisation rate was 84.6 per cent in September, or 10.7 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 the activity of the electrical and electronics industry (26-27), because 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. In addition, corrections had to be exceptionally made to the erroneous basic data originally supplied to Statistics Finland concerning the second and third quarters in the activity of the electrical and electronics industry (26-27). These revisions have influenced the point figures and change percentages for the early part of the year. The Tax Administration’s periodic tax return data are used to compile statistics on the output of enterprises with fewer than 50 employees. The tax data cover nearly 70 per cent of the production of enterprises with fewer than 50 employees, which account for around 13 per cent of industrial output. The periodic tax return 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 September. The Tax Administration’s data have been available when calculating the now released revised data for August.

Revised data for September will be published at 9 am on 9 December 2011 in connection with industrial output data for October. 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.

The final index for 2010 has been calculated and the value added and gross value weights for 2010 have been adopted

Statistics Finland releases the final annual volume indices for 2010 in connection with the index for September. The preliminary monthly volume index is calculated using data obtained from a sample of approximately 1,000 establishments or enterprises. The final annual volume index is calculated from the regional and industrial statistics on manufacturing derived from structural statistics on manufacturing. In the same connection the industry-specific value added weights and stratum-specific gross value weights were changed to correspond to the situation in 2010. The changes will have an effect on the data for 2010 and the early part of 2011.

Source: Volume Index of Industrial Output 2011, September. Statistics Finland

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

Director in charge: Hannele Orjala

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Industrial output decreased by 1.3 per cent in September (10.11.2011)

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Updated 10.11.2011

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. September 2011. Helsinki: Statistics Finland [referred: 19.11.2024].
Access method: http://www.stat.fi/til/ttvi/2011/09/ttvi_2011_09_2011-11-10_tie_001_en.html