Finland: Industrial output moderates pace of decline
July 10, 2012
In May, industrial production decreased a working-day adjusted 1.7% over the same month last year. The figure represents an improvement over the 2.8% contraction seen in April and marked, in fact, the slowest pace of decline in five months. The improvement was broad-based, as three out of the four main categories developed favourably in May. In particular, the manufacturing sector contracted less sharply, stepping up from a 0.5% drop in April to a 0.2% decline in May. A month-on-month comparison corroborates the improvement suggested by the annual data, as industrial output increased a seasonally adjusted 1.2% in May, which doubled the 0.6% rise observed in April. That said, the trend continues to point down, with annual average growth in industrial production falling from minus 1.4% in April to minus 2.1% in May.