Industrial trends 

Updated: 10.3.2017 - Next update: 10.4.2017
   
 
 
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Industrial output was in January on level with the previous year

According to Statistics Finland, output of total industries adjusted for working days was in January 2017 on level with January 2016. This years January had two working days more than last year. Original output grew by 4.2 per cent in January from one year back.

In January and December, seasonally adjusted output decreased by 0.9 per cent from the previous months. In November, output declined by 0.4 per cent.

In January, output grew in several main industries. Output increased most, by nearly 28 per cent, in mining and quarrying. Output in the electrical and electronics industry grew by 9.6 per cent. In January, output in the chemical industry grew by 3.9 per cent from twelve months back. Output declined most, by 7.8 per cent, in electricity production. In the food industry, output decreased by 1.4 per cent in January from twelve months back.

In January, capacity utilisation rate in manufacturing (C) was 84.6 per cent, or 5.7 percentage points higher than one year earlier. In the forest industry, capacity utilisation rate was 88.6 per cent in January, or 0.2 percentage points lower than in January 2016. In the metal industry, capacity utilisation rate was 86.8 per cent in January, which was 9.1 percentage points higher than one year earlier.

Statistical release

Source:
Statistics Finland / Volume index of industrial output


Description of indicator

The volume index of industrial output describes the relative change in the volume of industrial output at fixed prices when compared with a specific base period. The volume index of industrial output is based on an inquiry sent to enterprises or establishments. Enterprises and establishments are asked about volume or value data every month.

An adjustment for working days takes into account influences arising from the number of working days.

Economic conditions for industry widely affect the growth of society and the balance of general government finances. Fluctuations in economic conditions for industry are reflected in the sector-specific development of the labour market and the diversity of the economic structure, which in turn are reflected in the level of investment, construction and jobs. In addition to general economic development, economic conditions are also reflected in the vitality and competitiveness of the labour market’s operating environment.

Furthermore, the industrial development trend has spill-over effects into industrial sector-specific growth, which is evident, for example, in energy consumption trends, particularly in the energy-intensive sectors of industry. One role of the public sector is to encourage sustainable and energy-efficient business activity and at the same time to ensure good operating conditions for businesses through reasonable taxation as well as political action that activates business and industry and promotes competitiveness.