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31 December, 1998

Inquiries: Mr Erkki Lääkäri +358 9 1734 3355
Director in charge: Mr Markku Suur-Kujala

Output grew by 4.5 per cent in October

Total output increased by 4.5 per cent in the year to October. Growth decelerated slightly from September, when the rate of growth on the previous year was 5.1 per cent. The Monthly Indicator of Total Output of Statistics Finland shows that output grew in all main branches of industry with the exception of agriculture and forestry.

As in September, output in agriculture and forestry continued to fall in October due to the poor grain crop. According to preliminary estimates, the crop was over one third smaller than the year before. As in the preceding months, growth in manufacturing continued to be sustained by the manufacture of electrical equipment, which increased by as much as 54 per cent in the year to October. Total economic growth was again supported by domestic demand, especially output increases in construction, trade and transportation.

In the year to October, output in all manufacturing as calculated per working day grew by 8.3 per cent. Output went up by 6.0 per cent in construction, by 4.3 per cent in trade and by 4.1 per cent in transportation. Other services and government services grew by 1.7 per cent, whereas output in agriculture and forestry fell by 10.6 per cent due to the poor grain crop.

The Monthly Indicator of Total Output is based on eleven monthly series on different sectors of the economy. The series are summed up by weighting.

Source: The Monthly Indicator of Total Output 1998, October. Statistics Finland.