Finland: Industrial production slows in March
May 10, 2011
In March, industrial production increased a working-day adjusted 0.1% over the same month last year. The print represented a significant deterioration compared to the 5.0% increase recorded in February (previously reported: +5.1% year-on-year). The slowdown was broad-based, as only electricity, gas, steam and air conditioning supply, with little effect on the index, accelerated over the previous month. In contrast, mining and quarrying moderated to a 6.1% expansion (February: +11.2% yoy), while manufacturing contracted for the first time in almost a year. A seasonally adjusted month-on-month comparison corroborates the notion of a deceleration, as industrial production grew a paltry 0.1% over the previous month (February: +1.9% mom). In the same vein, the overall trend moderated, with annual average growth in industrial production falling from 6.4% in February to 6.3%.