Finland: Industrial production continues to contract in February
April 10, 2014
In February, industrial production fell a working-day adjusted 5.4% over the same month last year. This figure followed the 7.4% drop recorded in January. According to Statistics Finland, the contraction was mainly driven by a strong decline in the electrical and electronics industry. A drop in the electricity, gas, steam, and air conditioning supply sector as well as in the metal industry also contributed to the overall decrease in industrial production.
On a monthly basis, industrial output rose a seasonally-adjusted 0.1%, which contrasted the 3.4% contraction registered in January. This modest reading represents nevertheless the highest growth rate in the past seven months. Meanwhile, annual average growth in industrial production inched up from minus 4.0% in January to minus 3.9% in February.
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%.
Author: Armando Ciccarelli, Head of Data Solutions