Statistics Finland: Secondary production slumped in January

January fall in economic output even steeper than the previous month

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According to revised figures released today by Statistics Finland, the decline in Finland's economic output grew even steeper in January, with output adjusted for working days falling by 9.8% from the same period in 2008.
      In December 2008, the adjusted figures were 5.9% lower than 12 months previously, and one month earlier the drop had been 3.9%.
     
Prior to that point, monthly figures in 2008 had for the most part shown an increase when set against the same month in the previous year.
      Seasonally adjusted output in January also fell by 1.8% from the month before, continuing a downward spiral that began in the autumn.
      The December figures were also down by 1.3% from November 2008.
     
Given that primary production - agriculture, fisheries, and forestry - actually showed a nearly seven per cent increase between January 2008 and the same period in 2009, the slump in secondary production is even more dramatic.
      Industry and construction was off by 17% compared with a year earlier, and services by rather more than six per cent.
      The services category includes trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.
     
     


Previously in HS International Edition:
  Slump in industrial output steeper than even during recession of 1990s (11.3.2009)

Links:
  Statistics Finland

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