Turnover, output in services grow in May

Working day adjusted turnover in service industries grew by 4.5 per cent in May 2019 from May 2018, according to Statistics Finland.

Service output namely the volume, from which the impact of prices has been eliminated, grew by 3.3 per cent over the same period. In April 2019, turnover reached a growth of 7.4 per cent, while volume then went up by 5.8 per cent from one year back. Services are here examined exclusive of trade.

In May 2019, the best development among the main service industries was recorded in the industry of information and communication activities, where working day adjusted turnover reached a 7.2 per cent growth from May 2018. At the same time, the volume of the industry increased by 5.7 per cent, which measured by volume, was the highest growth among service industries.

Among the main industries, administrative and support service activities and transport and storage activities reached almost the average growth for service industries. The working day adjusted turnover in administrative and support service activities grew by 4.4 per cent year-on-year, while the volume of the industry increased by 4.6 per cent. In the biggest service industry measured by turnover, that is, transportation and storage activities, working day adjusted turnover increased by 4.2 per cent in May 2019 from May 2018, while volume development was more modest (+1.3%).

Measured by volume, the development was weakest in accommodation and food service activities in May 2019 (+1.2%), while the working day adjusted turnover managed to reach a 3.1 per cent growth from May 2018.

Seasonally adjusted turnover in service industries declined in May 2019 by 0.9 per cent compared to April. The output of services, from which the impact of prices has been eliminated, fell by 0.6 per cent over the same period. One month earlier turnover grew by 2.4 per cent from March 2019, while the volume reached a 1.6 per cent increase.

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.