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Information about revisions to the Volume Index of Industrial Output

Final index for 2010

Statistics Finland has calculated the final index for 2010. The final annual volume index is calculated from the regional and industrial statistics on manufacturing derived from structural statistics on manufacturing. Changes in gross value at the 3-digit level of the industrial classification have been divided by changes in the producer price index of the industries concerned. In industries containing service products the producer price indices for services were also utilised in volume calculations. The preliminary annual change of the monthly index has been revised with the obtained coefficient. Calculation of the final annual volume index influences the index point figures and change percentages for 2010.

Below is a table showing annual changes of the preliminary monthly index and the final annual index by industry.

	Annual Index 2010, percentage change
TOL 2008	Preliminary	Final
Total industries (BCDE)	6.1	5.7
Manufacturing ( C )	5.5	5.0
Food industry (10-11)	-0.4	3.2
Forest industry (16-17)	11.9	11.9
Chemical industry (19-22)	4.4	5.7
Metal industry (24-30,33)	5.6	3.3
Electrical and electronics industry (26-27)	6.3	1.0
Manufacture of transport industry (29-30)	-6.9	-7.4
Electricity, gas, steam and air condit. supply (D)	11.4	11.4

Seasonal adjustment models updated

The seasonal adjustment models for the volume index of industrial output are updated once a year. The update is made in connection with the calculation of the annual volume index. The updating of the models has effects on the industry-specific seasonally adjusted series and trend series.

Revisions to January-August 2011

In accordance with the chain-linked index principle, the value added weights of industries have been changed to correspond to the situation in 2010. Gross value weights for each stratum have also been changed to correspond to the situation in 2010. In addition, the obtained erroneous basic data concerning the second and third quarters were corrected 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.

In its release on 10 October 2011, Statistics Finland indicated that the growth figure for January to August for total industries (BCDE) would be 3.5 per cent. The final data for 2010 and the revised value added and gross value weights put the growth for total industries (BCDE) in the January to August period at 2.3 per cent. The value added share of the forest industry grew compared with 2009. In contrast, the value added share of the electrical and electronics industry decreased in 2010.

Below is an example of how the original annual change percentages for April to August 2011 became revised in a few main activities. The figures published on 10 October are in brackets. The revisions are due both to the correction of the obtained erroneous data in activity 26-27 and to the changing of industry-specific value added weights and gross value weights. Estimation is used eight times per year for the activity of the electrical and electronics industry (26-27).

Below is a table showing revisions to the data in the main industries for April to August.

Revisions, release on 10 Nov. 2011	Revisions to data for April to August (data released on 10 Oct. in brackets)
Industry	April	May	June	July	August
Total industries BCDE	3.7 (5.5)	6.4 (9.0)	-5.2 (-3.6)	-4.1 (-1.8)	1.9 (4.3)
Manufacturing C	5.2 (7.4)	6.6 (9.4)	-5.4 (-3.7)	-3.3 (-0.1)	2.7 (5.4)
Manufacturing excl. 26-27	6.0 (6.6)	8.5 (10.2)	-6.2 (-5.6)	1.1 (0.8)	4.5 (6.8)
Electrical and electronics industry 26-27	-1.4 (9.7)	-5.0 (5.5)	-1.3 (6.9)	-24.2 (-2.8)	-7.9 (-1.7)

 

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Last updated 10.11.2011