Finland: Industrial production continues to contract in December
February 10, 2014
In December, industrial production contracted a working-day adjusted 5.2% over the same month of the previous year. The figure followed the 0.3% drop recorded in November (previously reported: +0.7% year-on-year). According to Statistics Finland, the result was mainly driven by the strong 23.1% contraction registered in the mining and quarrying sector. Contraction also occurred in manufacturing and in electricity, gas, steam and air conditioning supply.
On a monthly basis, industrial output contracted a seasonally-adjusted 2.2%, which was down from the 0.9% rise recorded in November. Meanwhile, annual average growth in industrial production fell from minus 3.5% in November to minus 3.9% in December, which marked the lowest level since July 2010. In the full year 2013, industrial output contracted a 3.7%, which was down from the 1.5% contraction tallied in 2012.
FocusEconomics Consensus Forecast panelists expect industrial production to grow 2.8% in 2014, which is up 0.1 percentage points over the previous month's estimate. For 2015, the panel sees industrial production accelerating to 3.9%.