Finland Industry


Industrial production continues to contract in May

In May, industrial production contracted a working-day adjusted 5.9% over the same month last year. The figure followed the 8.7% plunge seen in April and represents the seventh consecutive contraction. According to Statistics Finland, output in 2 out of the four main sectors decreased in May. In particular, the all-important manufacturing fell 8.7%, offsetting a hefty 38.6% expansion in mining and quarrying.

A month-on-month comparison, however, does not corroborate the decline suggested by the annual data, as industrial output increased a seasonally adjusted 1.7% in May, contrasting the 4.0% fall observed in April. Moreover, as a result of the negative annual reading, the annual average growth in industrial production decreased from minus 2.1% in April to minus 2.5% in May.

FocusEconomics Consensus Forecast panellists expect industrial production to grow 0.8% this year, which is down 1.1 percentage points from last month's forecast. For 2014, the panel sees industrial production accelerating to 2.9%.


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Finland Industry Chart

Finland Industry May 2013

Note: Month-on-month seasonally adjusted changes and annual average variation of industrial production index in %.
Source: Statistics Finland and FocusEconomics calculations.

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