Turnover, output in services grow 4.3% in February

Working day adjusted turnover in service industries grew by 4.3 per cent in February 2019 from February 2018, according to Statistics Finland.

Service output i.e. volume, from which the impact of prices has been eliminated, grew by 3.0 per cent over the same period. In January 2019, turnover reached a growth of 5.2 per cent, while volume then went up by 3.9 per cent from one year back. Services are here examined exclusive of trade.

In February 2019, the strongest development among the main industries was recorded in other service activities, where turnover adjusted for working days grew by 6.9 per cent from February 2018. Turnover in professional, scientific and technical activities also attained good growth of 6.0 per cent from the year before. Correspondingly, the volume of the industry grew by 4.6 per cent.

Also accommodation and food service activities, where working day adjusted turnover grew by 5.1 per cent, and information and communication, where working day adjusted turnover grew by 4.6 per cent, grew faster than the average growth for service industries. The corresponding growth figures for volume were 2.3 per cent and 3.9 per cent.

Measured by volume, administrative and support service activities grew fastest of service industries in February, whereas the development in transportation and storage was slowest.

Seasonally adjusted turnover in service industries declined in February 2019 by 0.4 per cent compared to January. The output of services, from which the impact of price changes has been eliminated, fell by 0.1 per cent over the same period. One month earlier, turnover decreased by 0.2 per cent from December 2018, while volume increased by 0.3 per cent at that time.

The data for the latest month are preliminary and they may become significantly revised particularly on more detailed industry levels in coming months. The volume of service industries is calculated by eliminating the effect of price changes from the turnover index.

The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.