Finland: Contraction in industrial production slows slightly in March
May 9, 2014
In March, industrial production fell a working-day adjusted 4.9% over the same month last year. This figure followed the 5.2% drop recorded in February. According to Statistics Finland, industrial output decreased in almost all the main industries in March. A strong decline in the production of electricity and, to a lesser extent, a drop in the metal and the chemical industry, were the main drivers of the contraction.
On a monthly basis, industrial output rose a seasonally-adjusted 0.5%, which was up slightly from the 0.4% expansion registered in February. This modest reading represents the highest growth rate in the past eight months. Meanwhile, annual average growth in industrial production decreased from minus 3.9% in February to minus 4.2% in March.
FocusEconomics Consensus Forecast panelists expect industrial production to grow 1.5% in 2014, which is down 0.7 percentage points over the previous month's estimate. For 2015, the panel sees industrial production accelerating to 3.9%.
Author: Armando Ciccarelli, Head of Data Solutions