Finland: Industrial output declines the most in four months
October 10, 2012
In August, industrial production decreased a working-day adjusted 1.4% over the same month last year. The figure contrasted the 2.0% expansion recorded in July and represents, in fact, the worst reading in four months. The deterioration was driven by a considerable contraction of the mining and quarrying sector, which plummeted a working-day adjusted of 29.8% in August, following the 23.3% drop seen in July. The manufacturing sector also fell into the red and contracted 1.2%, which contrasts the 2.4% increase seen in July and marks the lowest reading in six months. In addition the electricity, gas, steam and cooling sector also recorded a slower growth in August. A month-on-month comparison corroborates the deterioration suggested by the annual data, as industrial output decreased a seasonally adjusted 0.8% in August, which contrasted the 1.2% rise observed in July. Building on the subdued annual reading, the trend continues to point downwards, with annual average growth in industrial production falling from minus 1.6% in July to minus 2.0% in August.