Statistics Finland report contained false economy figures; corrected data not quite so gloomy

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On Wednesday a mistake was discovered in the fresh trade cycle report produced by Statistics Finland.
      In the report Statistics Finland declared that the Finnish economy had fallen in July more than ever before during the current recession.
      According to Statistics Finland, the country’s gross domestic product (GDP) fell by 11.6 per cent from a year earlier. Industrial production and construction decreased in July by nearly 30 per cent, while the service industries experienced a decline of just over four per cent.
     
These figures, however, proved incorrect . According to Statistics Finland statistician Samu Hakala, a few lines of business in the refining sector had not been included in the calculations, which ultimately had an effect on the entire national economy figures.
      Efforts to correct the mistake continued until late on Wednesday evening. Problems with the Statistics Finland internal data network further delayed the work.
      New figures are expected today, Thursday.
      Even without any actual mistakes, the GDP statistics have been somewhat shaky during the recession.
      On Wednesday, for example, Statistics Finland adjusted its June figure by 2.2 percentage points downwards to 8.9 per cent.
     
The corrected figures did appear as scheduled on Thursday, and showed that seasonally adjusted output fell by 0.3 per cent from the month before. According to both the original series and the series adjusted for working days, output decreased by 9.2% (rather than the original 11.6%) per cent from July 2008.
      The 30% figure for the decline in secondary production was reduced to just over 21% - still alarming, though not as terrifying, perhaps, as the 30% offered a day before.
      Primary production (agriculture, forestry and fishery) grew by just under 1% from the previous July.


Previously in HS International Edition:
  Finance Ministry expects slight economic improvement next year (15.9.2009)
  Statistics Finland: Secondary production slumped in January (8.4.2009)

Links:
  Statistics Finland - Corrected Figures 8.10.2009

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