In August, industrial production decreased a working-day adjusted 1.4% over the same month last year. The figure contrasted the 2.0% expansion recorded in July and represents, in fact, the worst reading in four months. The deterioration was driven by a considerable contraction of the mining and quarrying sector, which plummeted a working-day adjusted of 29.8% in August, following the 23.3% drop seen in July. The manufacturing sector also fell into the red and contracted 1.2%, which contrasts the 2.4% increase seen in July and marks the lowest reading in six months. In addition the electricity, gas, steam and cooling sector also recorded a slower growth in August. A month-on-month comparison corroborates the deterioration suggested by the annual data, as industrial output decreased a seasonally adjusted 0.8% in August, which contrasted the 1.2% rise observed in July. Building on the subdued annual reading, the trend continues to point downwards, with annual average growth in industrial production falling from minus 1.6% in July to minus 2.0% in August.
Industrial output declines the most in four months
October 10, 2012
Looking for forecasts related to Industry in Finland? Download a sample report now.
Finland Industry Chart
Note: Month-on-month seasonally adjusted changes and annual average variation of industrial production index in %.
Source: Statistics Finland and FocusEconomics calculations.
Finland Economic News
October 14, 2016
In August, economic activity fell a working-day adjusted 0.1% over the same month last year, according to the Monthly Trend Indicator of Output.
October 14, 2016
The current account posted a EUR 166 million deficit in August, according to Statistics Finland.
September 15, 2016
In July, economic activity expanded a working-day adjusted 1.5% over the same month last year, according to the Monthly Trend Indicator of Output.
September 6, 2016
The Finnish economy recorded flat growth in Q2 over the previous quarter in seasonally-adjusted terms, which represented a slowdown from Q1’s 0.3% expansion, according to preliminary data released by Statistics Finland on 6 September.
August 15, 2016
The current account posted a EUR 219 million deficit in June according to Statistics Finland.