Growth in industrial output decelerated in August

Industrial output grew by a mere 1.8 per cent in the year to August according to the index per working day of Statistics Finland. In July growth was up by a full 5.2 per cent compared to the year before. The figures for both months were affected by the partial transfer of holidays from July to August. In the January to August period industrial output rose by 2 per cent compared to the corresponding period of last year.

Output in the metal industry increased by just under 2 per cent in the year to August. The manufacture of machinery and equipment as well as electrical products increased visibly more slowly than in the preceding months. The manufacture of vehicles was down by a full 16 per cent on the year before.

In the wood and paper industry output fell by almost 4 per cent in August compared to last year. The manufacture of pulp, paper and paper products fell by 8 per cent whereas output in the mechanical wood industry was up by an equivalent amount.

Output in other manufacturing was up by just under 3 per cent in August compared to the year before.

The output of investment goods rose by 4 per cent in the year to August. The output of other consumer goods rose by a mere 2 per cent.

The capacity utilisation rate in manufacturing was just under 82 per cent in August, being 5 percentage points lower than a year ago. The capacity rate in the metal industry was just over 85 per cent, down by 7 percentage points on the year before. In the wood and paper industry the capacity rate was just under 83 per cent, down by as much as 11 percentage points compared to August of the previous year. The capacity rate in other manufacturing, which mainly describes industrial output on the domestic markets, was a full 78 per cent, being just under half a percentage point less than the year before.

Source: Volume Index of Industrial Output, August 1996
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