Finland: Industrial production expands for the first time in over a year
January 10, 2014
In November, industrial production expanded a working-day adjusted 0.7% over the same month of the previous year. The figure contrasted the 3.1% drop recorded in October and represents the first expansion since October 2012. According to Statistics Finland, the rise was mainly driven by the strong 15.1% expansion registered in the mining and quarrying sector, which more than offset the decline registered in the three remaining categories.
On a monthly basis, industrial output expanded 0.8%, which was up from the 0.2% rise recorded in October (previously reported +0.6% month-on-month). Meanwhile, annual average growth in industrial production fell from minus 8.5% in October to minus 8.7% in November, which is the lowest level since May 2010.
FocusEconomics Consensus Forecast panelists expect industrial production to grow 2.7% in 2014, which is up 0.1 percentage points over the previous month's estimate. For 2015, the panel sees industrial production accelerating to 2.8%.