Finland: Industrial production recovers modestly
September 9, 2011
In July, industrial production increased a working-day adjusted 1.3% over the same month last year. The print contrasted a 0.5% drop in June and, excluding this, would have represented the slowest pace of expansion since April 2010. That said, the improvement was the result of stronger growth in manufacturing, whereas output contracted in both mining and quarrying as well as in electricity, gas, steam and cooling. A month-on-month analysis shows that industrial output contracted in July for the second consecutive month, yet at a slower pace. Industrial production contracted 0.4% over June in seasonally adjusted terms, which, nevertheless, represents an improvement compared to the 3.4% contraction seen in June. Overall, the downward trend continued, with annual average growth in industrial production falling from 6.2% in June to 6.0% in July.