Finland: Industrial production continues to contract in August
October 10, 2013
In August, industrial production contracted a working-day adjusted 1.5% over the same month last year. The figure followed the 2.1% drop seen in July (previously reported -2.5% year-on-year) and represents the 10th consecutive contraction. According to Statistics Finland, output in two of the four main sectors of industrial production decreased in August. In particular, the all-important manufacturing sector fell 4.7%, offsetting the strong 59.5% expansion registered in mining and quarrying.
On a monthly basis, industrial output dropped 0.1%, which contrasted the 2.2% increase recorded in July. Meanwhile, annual average growth in industrial production fell from minus 8.1% in July to minus 8.3% in August.
FocusEconomics Consensus Forecast panelists expect industrial production to grow 4.1% this year, which is down 0.9 percentage points from last month's forecast. For 2014, the panel sees industrial production accelerating to 2.4%, which is down 0.2 percentage points from last month's estimate.