Turnover in industry drops 10.3% in July

Finland's industrial turnover contracted in July for the seventh consecutive month due to the COVID-19 pandemic and the associated restrictions, reported Xinhua, quoting Statistics Finland.

Working-day adjusted turnover in industry fell in July by 10.3 percent from one year earlier, Statistics Finland said in a press release on Tuesday.

Following the downward trend in the previous six months, seasonally adjusted turnover in industry continued to decline by 1.5 percent compared with June.

Turnover decreased in July in all major industries, of which it decreased the most in the forest industry by 19.2 percent year-on-year. In July, the turnover of manufacturing in other major industries was also affected by COVID-19.

Turnover decreased in electricity, gas, steam and air conditioning supply by 16.7 percent; in the electrical and electronics industry by 14.8 percent; and in the chemical industry by 12.4 percent from one year earlier. However, turnover in the food industry was the closest to the previous year's level and fell only by 0.1 percent.

According to Statistics Finland, export turnover plunged in June the most in the chemical industry by 25.6 percent from one year earlier. Export turnover dropped in the forest industry by 22.8 percent and in the textile, clothing and leather industry by 16.7 percent.

Meanwhile, the export turnover of the mining and quarrying industries grew the strongest in June, by 150.4 percent year-on-year.

According to the latest forecast for Finland's economic growth published by the Bank of Finland on Monday, the country's economy will shrink by 4.7 percent in 2020, but grow by 2.7 percent in 2021 and by 2.4 percent in 2022.

The central bank said the downturn will be followed by a slow recovery, as the coronavirus continues to spread around the world and continues to create uncertainty about future economic development.