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Manufaturing turnover decreases by 2.4 % in Oct

Published : 13 Dec 2019, 19:48

Updated : 14 Dec 2019, 16:20

  DF Report
Pixabay photo.

Working day adjusted turnover in manufacturing (TOL BCD) decreased in October by 2.4 percent year-on-year, according to Statistics Finland.

Among the main manufacturing industries, the decline in working day adjusted turnover was strongest in the forest industry, 10.2 percent and the chemical industry, 4.4 percent from the year before. Seasonally adjusted turnover in manufacturing (TOL BCD) fell by 3.3 percent compared with September.

Export turnover grew in September, most in the electrical and electronics industry, by 25.2 percent, and in mining and quarrying, by 18.8 percent from one year back. The export turnover in the metal industry grew by 14.9 percent and by 10.9 percent in the food industry from one year ago. The export turnover of the forest industry has decreased for several months and also declined as the only main industry in September by 7.4 percent from the year before.

In domestic turnover, growth was strongest in September in the industry of mining and quarrying, 14.4 percent from 2018. Domestic turnover in the electrical and electronics industry declined most in September, by 13.3 percent from one year ago.

The index of turnover in industry describes enterprises whose main industry is manufacturing. The calculation of the indices is based on the Tax Administration’s self-assessed tax data which are supplemented with data obtained with Statistics Finland’s sales inquiry. The monthly turnovers of manufacturing enterprises can vary considerably, especially in the metal industries. The variation is mainly due to invoicing practices. The final invoice for major machinery deliveries and projects may be recorded in the sales of one month, even if the delivery had required the work of several months or years.

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.

In terms of turnover, data for the latest month are preliminary and are released at a delay of around six weeks. The data may become significantly revised particularly on more detailed industry levels in coming months. Export turnover and domestic turnover are, for the time being, still released at a delay of two and a half months.