Service industries in Finland experienced a growth in turnover of 8.2% and volume of 3.5% in March 2023 as compared to the same period in 2022, according to data from Statistics Finland. In February 2023, turnover had grown by 12.3% while the volume had increased by 5.4%. This growth trend has been consistent every month from March 2022. The report excludes the impact of trade.
The service industry turnover was dominated by the accommodation and food service activities sector which recorded a 19.4% growth in working day adjusted turnover in March 2023 compared to the same period last year. The volume in the same industry also grew by 10.4%. Real estate activities recorded an increase of 9.8% and 6.4% in turnover and volume respectively, while administrative and support service activities grew by 8.3% in turnover. The growth in the volume of this industry was just 0.3% from March 2022.
However, in the transportation and storage industry, working day adjusted turnover increased by 8.0% in March 2023 from March 2022, while the volume fell by 5.4% over the same period. The volume decline was attributed to a sharp increase in prices in the industry in 2022. The other service activities industry recorded a turnover of 7.6% higher than in March of the previous year.
Professional, scientific and technical activities experienced an increase in turnover of 6.8% in March 2023. The volume of the industry grew faster than the turnover, recording a 7.9% increase. In information and communication activities, turnover rose by 6.1% from March 2022 while the volume went up by 3.9% over the same period. The arts, entertainment, and recreation industry recorded a 6.0% growth in working day adjusted turnover from March 2022.