Industrial output grew by 2.0 per cent year-on-year in December

According to Statistics Finland, output of total industries adjusted for working days was 2.0 per cent higher in December 2011 than twelve months earlier. According to preliminary data, industrial output grew by just short of one per cent in 2011. Industrial output was on level with 2005 last year.

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

In December, seasonally adjusted output grew by 2.8 per cent from November. In November, output increased by just short of one per cent from the previous month. In October, seasonally adjusted output fell by 1.3 per cent from September.

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

Industrial output grew in several main industries in December. Output increased most, or by 13.6 per cent, in the metal industry. In the food industry, output grew by 7.6 per cent year-on-year. Output decreased most in electricity supply where the year-on-year decline amounted to as much as 26.1 per cent. In the forest industry, output diminished by 9.5 per cent in December. Output decreased by nearly 4 per cent in the forest industry during last year.

Working day adjusted change in industrial output by industry 12/2010-12/2011, %, TOL 2008

Capacity utilisation rate in manufacturing was 77.8 per cent in December, or 0.3 percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 77.7 per cent in December, or 0.1 percentage point lower than in December 2010. Capacity utilisation rate in the metal industry was 78.8 per cent in December, which is 2 percentage points higher than in December 2010.

Year-on-year change in industrial output (BCDE) 2001–2011, %, TOL 2008

Estimation

The main reason why the data become revised is the estimation used for the electrical and electronics industry (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. It has also been necessary to make corrections to the erroneous basic data originally supplied to Statistics Finland concerning the third quarter in the activity of the electrical and electronics industry (26-27). These revisions have influenced the point figures and change percentages for the third quarter. 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 concerns, i.e. in this case December. The Tax Administration’s data have been available when calculating the revised data for November now released.

Revised data for December 2011 will be published at 9 am on 9 March 2012 in connection with the release of industrial output data for January. 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, December. Statistics Finland

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

Director in charge: Hannele Orjala

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Updated 10.2.2012

Referencing instructions:

Official Statistics of Finland (OSF): Volume index of industrial output [e-publication].
ISSN=1798-9272. December 2011. Helsinki: Statistics Finland [referred: 20.12.2024].
Access method: http://www.stat.fi/til/ttvi/2011/12/ttvi_2011_12_2012-02-10_tie_001_en.html