Finland: Industrial production contracts for fourth month in a row
January 10, 2013
In November, industrial production contracted a working-day adjusted 1.9% over the same month the previous year. The figure came in below the 0.3% decline seen in October and represents the fourth consecutive month of declining output.
The deterioration was broad-based. According to Statistics Finland, output in the electrical and electronics industry plunged 21.0% in November, which prompted the manufacturing sector to contract 2.4%, down from a 0.8% contraction in October. In addition, mining and quarrying as well as well as the electricity, gas, steam and air conditioning supply sectors deteriorated compared to October.
A month-on-month comparison corroborates the decline suggested by the annual data, as industrial output decreased a seasonally adjusted 0.5% in November, which contrasted the 0.6% increase observed in October.
Despite the negative annual reading, the annual average growth in industrial production remained stable at October's minus 1.2%.