Industrial output in November grows 3.4% YOY

The total industrial output adjusted for working days in November 2017 was 3.4 per cent higher than that in November 2016. Adjusted for working days, the industrial output went up by 3.5 per cent in January to November from one year back, according to Statistics Finland.

The seasonally adjusted output went up by 0.5 per cent in November 2017 from the month before. In October, the seasonally adjusted output grew by 0.1 per cent from September. And in September, it grew by 0.4 per cent from August.

In November last, the output grew in several key industries. The output increased most in mining and quarrying by 9.6 per cent. In the forest industry, the output went up by 6.9 per cent. The output in the metal industry went up by 6.1 per cent from one year ago and in the food industry by 4.1 per cent year-on-year.

The output declined most, by 4.7 per cent, in the chemical industry.

In November 2017, the capacity utilisation rate in manufacturing (C) was 83.7 per cent or 0.6 percentage points higher than one year earlier. The capacity utilisation rate in the forest industry was 90.3 per cent in November, which was 0.7 percentage points lower than one year before. In the metal industry, the rate was 84.0 per cent in November, which was 0.7 percentage points higher than one year earlier.

Statistics Finland will publish the revised data for November 2017 at 9:00 am on 9 February 2018 in connection with the release of industrial output data for December 2017. The revision is influenced by the estimation used in the latest release, which concerns the periodic tax return data used for enterprises with fewer than 50 employees.

Because of the method used, the seasonally adjusted figures for previous months may change, even if the original figures do not become revised. The seasonally adjusted figures will also be adjusted for working days.

The base year 2015=100 will be utilised for the calculation of the Volume Index of Industrial Output, starting from the statistics for January 2018. Data calculated with the new base year will be released for the first time on 9 March 2018.