Industrial trends 

Updated: 10.5.2017 - Next update: 9.6.2017

Industrial output grew by 2,6 per cent year-on year in March

According to Statistics Finland, output of total industries adjusted for working days was 2.6 per cent higher in March 2017 than in March 2016. This years March had two working days more than last year. Original output grew by 6.5 per cent in March from one year back. Adjusted for working days, industrial output went up by 1.6 per cent in January to March from one year back.

Seasonally adjusted output went up by 0.7 per cent in March from the month before. In February, output declined by 0.5 per cent from the month before and in January, output was on level with December.

In March, output grew in several main industries. Output increased most, by 15.2 per cent, in mining and quarrying. In the chemical industry, output grew by 10.7 per cent. In the metal industry, output increased by 1.9 per cent from one year back. Output in the forest industry increased by 1.2 per cent from the previous year. In the electrical industry output declined by 3.5 per cent.

In March, capacity utilisation rate in manufacturing (C) was 84.4 per cent, or 2.6 per cent higher than one year earlier. In the forest industry, capacity utilisation rate was 92.5 per cent in March, or 2.4 percentage points higher than in March 2016. In the metal industry, capacity utilisation rate was 85.1 per cent in March, which was 3.2 per cent higher than one year earlier.

Statistical release

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.