Finland: August industrial production recovers
October 10, 2011
In August, industrial output rose a working-day adjusted 2.4% over the same month last year, which contrasted the 0.5% drop in July (previously reported: +1.3% year-on-year) and represented the strongest reading in three months. The improvement was underpinned by a rebound in mining and quarrying, which swung from a 19.7% contraction in July to a 17.2% increase in August. Moreover, manufacturing output increased 3.3%, which was up from the 2.6% expansion recorded in July. A month-on-month analysis confirms the rebound suggested by the annual figures, as industrial production rose in August a seasonally adjusted 2.1% over the previous month, which contrasted the 0.4% contraction observed in July and represented its strongest pace since June last year. Despite the strong reading, the trend continues to moderate, with annual average growth in industrial production falling from 5.9% in July to 5.6% in August.