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Advance information about revisions to the Volume Index of Industrial Output

Final annual data for 2006 will be published in connection with the release of the Volume Index of Industrial Output for December 2007 on 31 January 2008. In this annual index calculation, the sample-based monthly volume index is revised against the annual volume index that is based on more exhaustive data.

The data of the monthly volume index for 2007 will also be revised in connection with the release of the December data. Their revision at this early stage is done as part of the project on the development of the Volume Index of Industrial Output which was launched in 2006 and will run until the end of 2009. The aim is that data on the value of production rather than those on its volume will eventually be primarily used in the calculation of the monthly index. The objective is to make the Volume Index of Industrial Output describe as well as possible the development of manufacturing output at constant prices.

The introduction of the use of value data will be gradual. In the figures to be released at the end of January 2008, data on value will have been used as of the beginning of 2007 where appropriate. Some of the data on value become available to Statistics Finland quarterly, so in future the data in these statistics will be adjusted more frequently than before within one year. However, the data will become final clearly faster than before, as up to now their revision into final data has taken approximately one year from the end of the statistical reference year.

A further aim in the long-term development project is to widen the coverage of producer price indices for manufacturing in respect of, for example, industrial services. For further information (in Finnish), see http://stat.fi/org/tilastokeskus/tkhankkeet_teollisuus.html.

In connection with the publishing of the annual volume index, Statistics Finland will again review and fix for the next twelve months the Arima models that are used in seasonal adjustment. Changing of the models may also influence already published seasonally adjusted figures for previous months.

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Last updated 28.12.2007