Industrial trends

Updated: 8.9.2017
Next update: 10.10.2017

Industrial output grew by 2.7 per cent year-on year in July

According to Statistics Finland, output of total industries adjusted for working days was 2.7 per cent higher in July 2017 than in July 2016. Adjusted for working days, industrial output went up by 2.6 per cent in January to July from one year back.

Seasonally adjusted output went up by 0.4 per cent in July from the month before. In June, output fell by 0.7 per cent from May. In May, seasonally adjusted output increased by two per cent from April.

In July, output grew in several main industries. Output increased most, by nearly 38 per cent, in mining and quarrying. In the forest industry, output went up by 3.6 per cent. In the metal industry, output increased by three per cent. In the chemical industry, output grew by 2.2 per cent year-on-year. Output fell most in the electrical and electronics industry, by 4.2 per cent.

In July, capacity utilisation rate in manufacturing (C) was 76.2 per cent, or 1.8 per cent higher than one year earlier. In the forest industry, capacity utilisation rate was 87.5 per cent in July, or 1.1 percentage points higher than in July 2016. In the metal industry, capacity utilisation rate was 74.8 per cent in July, which was 3.1 per cent higher than one year earlier.

Open table
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.