Finland: Industrial output continues to trend down
January 10, 2012
In November, industrial output decreased a working-day adjusted 3.5% over the same month the previous year. The reading marked an improvement over the revised 5.3% contraction observed in October (previously reported: -5.7% year-on-year), which had represented the worst result since November 2009. The modest recovery was the result of a slower contraction in manufacturing, while growth in mining and quarrying decelerated but remained positive. A month-on-month analysis suggests an improvement, with industrial production rising a seasonally adjusted 0.5% over the previous month, which contrasted the 1.3% contraction observed in October and marked, in fact, the fastest pace observed in three months. That said, the trend continues to point down, with annual average growth in industrial production falling from 2.3% in October to 1.4% in November.