Industrial trends 

Updated: 10.7.2017 - Next update: 10.8.2017

Industrial output grew by 4.2 per cent in May year-on year

According to Statistics Finland, output of total industries adjusted for working days was 4.2 per cent higher in May 2017 than in May 2016. This years May had one working day more than last year. Original output grew by 4.7 per cent in May from one year back. During January to May, working day adjusted output went up by 2.1 per cent from the year before.

In May, seasonally adjusted output went up by 1.5 per cent from the month before. In April, production was at the same level as in March. In March output went up by 1.3 per cent from February.

In May, output grew in several main industries. Output increased most, by 12.7 per cent, in the chemical industry. Output in the electrical and electronics industry grew by 5.1 per cent year-on-year. In the metal industry, output grew by 4.5 per cent. Output declined most, by 10.8 per cent, in mining and quarrying.

In May, capacity utilisation rate in manufacturing (C) was 84.3 per cent, or 0.7 per cent higher than one year earlier. In the forest industry, capacity utilisation rate was 88.8 per cent in May, or 1.4 percentage points lower than in May 2016. In the metal industry, capacity utilisation rate was 85.7 per cent in May, which was 1.4 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.