Finland: Industrial production drops for fourth consecutive month
April 10, 2013
In February, industrial production contracted a working-day adjusted 6.0% over the same month last year. The figure came in below the 3.9% decline seen in January and represents the steepest annual contraction in more than three years. According to Statistics Finland, output in three out of the four main sectors decreased in February. In particular, manufacturing fell 8.6% amid a hefty 18.7% contraction in the electrical and electronics industry.
A month-on-month comparison corroborates the decline suggested by the annual data, as industrial output decreased a seasonally adjusted 1.4% in February, following the 3.6% fall observed in January. Moreover, as a result of the negative annual reading, the annual average growth in industrial production decreased from minus 1.6% in January to minus 1.8% in February.
FocusEconomics Consensus Forecast panellists expect industrial production to grow 1.5% this year, which is down 0.4 percentage points from last month's forecast. For 2014, the panel sees industrial production accelerating to 2.7%.