Industrial output fell by 3.5 per cent year-on-year in November

According to Statistics Finland, output of total industries adjusted for working days was 3.5 per cent lower in November 2011 than twelve months earlier. In October, output went down by 5.3 per cent. In the January to November period, industrial output adjusted for working days grew by 0.7 per cent from twelve months back.

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

In November, seasonally adjusted output went up by 0.5 per cent from October. In October, output declined by 1.3 per cent from the month before. In September, seasonally adjusted output fell by 0.9 per cent from August.

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

Industrial output diminished in several main industries in November. Output declined most, by close on 16 per cent, in electricity production. Output went down by 15.4 per cent in the electrical and electronics industry, by nine per cent in the forest industry and by one per cent in the metal industry. Output increased most in mining and quarrying, which grew by 7.5 per cent compared with the year before.

Working day adjusted change in industrial output by industry 11/2010-11/2011, %, TOL 2008

Capacity utilisation rate in manufacturing was 81.4 per cent in November, or three percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 83.6 per cent in November, or 0.8 percentage points lower than in November 2010. Capacity utilisation rate in the metal industry was 80.7 per cent in November, which is 6.1 percentage points higher than in November 2010.

Estimation

The main reason why the data become revised is the estimation used for 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. 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 November. The Tax Administration’s data have been available when calculating the now released revised data for October.

Revised data for November will be published at 9 am on 10 February 2012 in connection with the release of industrial output data for December. 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, November. Statistics Finland

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

Director in charge: Hannele Orjala

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Industrial output fell by 3.5 per cent in November (10.1.2012)

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Updated 10.1.2012

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. November 2011. Helsinki: Statistics Finland [referred: 20.12.2024].
Access method: http://www.stat.fi/til/ttvi/2011/11/ttvi_2011_11_2012-01-10_tie_001_en.html