Finland: Industrial production contracts further in October
December 10, 2013
In October, industrial production contracted a working-day adjusted 3.4% over the same month last year. The figure followed the 0.9% drop seen in September and represents the 12th consecutive period of contraction. According to Statistics Finland, the result was mainly driven by the 3.8% drop registered in the all-important manufacturing sector, as well as by the 16.1% decline in the electrical and electronics industry, which more than offset the improvements registered in the chemical and forest industries.
On a monthly basis, industrial output expanded 0.6%, which contrasted the 0.2% contraction recorded in September. Meanwhile, annual average growth in industrial production fell from minus 7.6% in September to minus 8.5% in October, its lowest level since May 2010.
FocusEconomics Consensus Forecast panelists expect industrial production to grow 3.4% this year, which is up 0.3 percentage points from last month's forecast. For 2014, the panel sees industrial production accelerating to 2.6%, which is down 0.1 percentage points from last month's estimate.