Finland: Industrial production contracts at slower pace in February
April 10, 2012
In February, industrial output contracted 2.9% in working-day adjusted terms over the same month last year which, nevertheless, was better than the revised 4.4% decline seen in January (previously reported: -5.2% year-on-year). The improvement was mostly the result of a slower pace of contraction in the manufacturing sector, which stepped up from a 1.7% contraction in January to a 0.7% drop in February. A month-on-month comparison corroborates the improvement suggested by the annual data, as industrial output increased a seasonally adjusted 1.4%, which contrasted the 4.5% contraction observed in January. Owing to the negative annual reading, the trend continues to point downwards, with annual average growth in industrial production falling from 0.7% in January to a flat reading in February.