Finland: Industrial production plummets in January
March 9, 2012
In January, industrial production contracted a working-day adjusted 5.2% over the same month last year. The print contrasted the 2.1% increase observed in December and marked the lowest reading since December 2009. The contraction was broad-based, with all major sub-categories falling into the red in January. In particular, manufacturing output swung from a 4.0% increase in December to a 9.3% contraction. Compared to the previous month, industrial output decreased a seasonally adjusted 4.9%, which contrasted the 2.5% increase tallied in December and marked, in fact, the largest monthly contraction since the staggering 12.8% decline experienced in December 2008. Owing to January's dismal performance, the trend continues to point down, with annual average growth in industrial production falling to 0.7% in January from 1.3% in December.