Finland: Industrial output records weak start to the year
March 4, 2011
In January, industrial output increased a working-day adjusted 5.9% over the same month last year, which represented a moderation over the 9.7% expansion tallied in December. The deceleration was broad-based, as growth in all sectors slowed over the previous month, with the exception of mining and quarrying (December: +25.0% year-on-year; January: +35.2% yoy). A month-on-month analysis points to an even stronger deterioration than suggested by the annual data, as industrial production contracted 2.7% over the previous month in seasonally adjusted terms. However, the overall trend continues to improve, with annual average growth in industrial production jumping from 5.4% in December to 6.1%. Moreover, the Central Bank expects GDP to grow 3.0% in 2011 and 2.5% in 2012.