Press release 15.2.2005

GDP on the increase in December

According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP grew by 0.9 per cent in December from the previous month. The trend of GDP also indicates growth for the economy.

Volume of GDP in 1995-2004, trend and seasonally adjusted series

The series of the Monthly Indicator of GDP are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods.

GDP grew by 5.9 per cent from December 2003

The volume of GDP rose by 5.9 per cent in December 2004 compared with the previous year's December. Of the six main industries of the Monthly Indicator all others but primary production grew. In December 2004 the number of working days was one day higher than in the corresponding month of the previous year. Adjusted for working days, GDP increased by 5.1 per cent from one year before.

Industrial output went up by 12.6 per cent from December 2003. The manufacture of electronic and electrical equipment grew by 28 per cent and the output volumes of the whole metal industry by close on 19 per cent. Output in the wood and paper industry rose by 13 per cent. Other manufacturing increased by nearly 4 per cent and energy supply by almost 3 per cent.

Sale volumes of trade increased by close on 8 per cent. Sales of motor vehicles and wholesale trade grew by 8 per cent and retail trade by 6 per cent.

The volume of primary production decreased by 3 per cent from December 2003. Meat production went up by 5 per cent and milk production went down by 3 per cent. The volume of fellings was on level with the previous year's December.

Transport increased by 7 per cent. Construction grew by 2 per cent. Output in other service industries was nearly 3 per cent higher than in December 2003.

The Monthly Indicator of GDP is based on twelve monthly series on different industries of the economy. The series are summed up by weighting. The purpose of the Monthly Indicator is to anticipate the development of the quarterly gross domestic product calculated later with more detailed data.

Percentage changes of GDP from the previous year's corresponding month

GDP growing in the fourth quarter

Seasonally adjusted and calendar adjusted (adjusted for working and trading days) GDP is estimated to have grown by around 4.2 per cent in the October to December period of 2004 compared with the corresponding period of 2003. Examined by the original output volumes, the change from the previous year's quarter is estimated to be around 4.3 per cent. From the previous quarter, seasonally adjusted GDP is anticipated to have increased by 1 per cent. Quarterly national accounts and preliminary annual data calculated with more extensive GDP data will be published on 28 February 2005.

Source: Monthly Indicator of GDP 2004, December. Statistics Finland

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