Press release 31.1.2005

Industrial output grew by 7.3 per cent in December form November

According to Statistics Finland, seasonally adjusted industrial output was 7.3 per cent higher in December 2004 than in November. The original output volume grew by 12.3 per cent compared with December 2003. In 2004, the original output volume increased by 4.8 per cent compared with the year before.

Seasonally adjusted change in industrial output from previous month, %

Industrial output went up by 4.8 per cent in 2004

According to preliminary data published by Statistics Finland, industrial output went up by 4.8 per cent in 2004 from the year before. Industrial output returned to a path of growth last year. The exceptionally prolonged and strong period of growth in industrial output that started in the early 1990s came to a halt at the onset of the 2000s, and growth remained quite moderate over the first three years of the new millennium.

Year-on-year change in the volume index of industrial output 1994-2004, %

Industrial output grew by 11.4 per cent in December from the year before

Seasonally adjusted industrial output was 11.4 per cent higher in December 2004 than in December 2003. Output went up in all main industries. The increase of output in December was largest, or as much as 23.3 per cent, in the manufacture of electronic and electrical equipment. Examined by industry, growth no longer hinged on the manufacture of electrical equipment only, but output also increased in other metal industry by 8.1 per cent, in the wood and paper industry by as much as 13.5 per cent and in the chemical industry by 8.8 per cent.

Seasonally adjusted change in the volume of industrial output 12/2003-12/2004, %

Seasonally adjusted change in the volume of industrial output from
corresponding month of previous year, %

Capacity utilisation rate in manufacturing was 82.5 per cent in December, which is good three percentage points higher than in December 2003. In the pulp and paper industry, capacity utilisation rate was 88 per cent and in the metal industry 84 per cent. In the chemical industry, capacity utilisation rate was 79 per cent and in other manufacturing 77 per cent.

Seasonal adjustment method will change as of 28 February 2005

Revised data for December will be published at 9 am on 28 February 2005 in connection with the industrial output data for January. Because of the method used, seasonally adjusted figures for previous months may change even if the original figures do not become revised. The seasonally adjusted figures will also be adjusted for working days.

Statistics Finland will change over from the present W12 seasonal adjustment method to the TRAMO/SEATS method recommended by the Statistical Office of the European Communities (Eurostat). This methodological change will improve the quality and international comparability of seasonally adjusted data. The new method will eliminate the effects from seasonal variation more effectively than before. Seasonally adjusted series, trends and series adjusted for working days, and the change percentages calculated from them will become revised from previously published ones. The change percentages and variations of seasonally adjusted series will decrease from those already published.

Statistics Finland has calculated final volume index data for the year 2003 and will publish these in connection with the release of the volume index for January 2005 on 28 February 2005. The figures will deviate somewhat from preliminary data. In addition, revision of the weight structure and selection of new establishments will influence the figures for the year 2004 to some extent. The volume index of industrial output is produced with the so-called chain index method, in which weight structure is reviewed annually. The value-added shares of 2003 will be used as the industry-specific weights in 2005.

Source: Volume Index of Industrial Output 2004, December, Statistics Finland

Inquiries: Mr Kari Rautio +358 9 1734 2479, volyymi.indeksi@stat.fi


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