Turnover in services grows by over 3 %

Working day adjusted turnover in service industries grew by 3.3 percent in October 2019 from October 2018, according to Statistics Finland.

Service output or volume, from which the impact of prices has been eliminated, grew by 2.2 percent over the same period. In this year's September, turnover reached a growth of 5.6 percent, while volume went up by 4.3 percent from one year back. Services are here examined exclusive of trade.

n October 2019, the best development among the main service industries was recorded in accommodation and food service activities, where working day adjusted turnover increased by 5.9 percent from October 2018. The volume development in the industry was also briskest among service industries, the volume grew by 4.1 percent from one year ago. The working day adjusted turnover of the industry of information and communication activities increased by 4.9 percent from October 2018. At the same time, the volume in the industry grew by 2.9 percent.

Of the main service industries, good growth was also recorded for administrative and support service activities were working day adjusted turnover rose by 4.7 percent from October 2018 in October 2019. The volume in the industry also grew clearly by 3.9 percent year-on-year. The working day adjusted turnover and volume of professional, scientific and technical activities developed more briskly than the average for service industries in October 2019. The working day adjusted turnover of the industry increased by 3.4 percent, while the volume grew by 2.9 percent from one year ago.

The turnover of the biggest service industry, transportation and storage activities, increased by 1.7 percent from October 2018. The growth in the industry’s working day adjusted turnover was clearly more subdued than that of the entire service industry. The volume in transportation and storage activities pushed itself to a 0.3 percent increase in October 2019 from one year back.

Among the main service industries, weakest development was seen in arts, entertainment and recreation, where working day adjusted turnover decreased by 1.5 percent from October 2018.

Seasonally adjusted turnover in service industries declined in October 2019 by 0.9 percent compared to September. The output of services, from which the impact of prices has been eliminated, fell by 0.6 percent over the same period. One month earlier, both turnover and volume increased by 0.2 percent from August 2019.

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.