According to the Statistics Finland, the seasonally adjusted industrial turnover (TOL BCD) decreased by 8.3% in May 2023 compared to May 2022.
Highlights:
- Highest Growth in Electrical and Electronics Industry: The turnover in the electrical and electronics industry increased by 14.3% compared to the previous year.
- Seasonally Adjusted Turnover Decline: In May 2023, the seasonally adjusted turnover decreased by 0.3% compared to the previous month.
- Decline in Turnover Across Several Industries: The sectors experiencing the most significant decrease in turnover were electricity, gas, heat, and air conditioning supply (-23.9%), chemical industry (-18.2%), and forestry industry (-16.4%). Conversely, the electrical and electronics industry witnessed the strongest growth with a 14.3% increase.
Export Turnover Decline:
- Mining and Quarrying Industry Most Affected: Export turnover decreased by 34.7% in the mining and quarrying industry compared to the same period last year.
- Decline in Forestry and Chemical Industries: The forestry industry’s export turnover decreased by 22.0%, and the chemical industry’s export turnover declined by 20.1%. However, the electrical and electronics industry recorded a 14.3% increase in export turnover.
Domestic Turnover Decline:
- Chemical Industry Takes the Biggest Hit: The domestic turnover in the chemical industry declined by 14.5% compared to the previous year.
- Mining and Quarrying and Forestry Industries Also Impacted: Domestic turnover in the mining and quarrying sector decreased by 10.4%, and the forestry industry experienced a 4.8% decline. On the other hand, the electrical and electronics industry had the highest growth in domestic turnover, with a 14.5% increase compared to the previous year.
Monthly Turnover Comparison:
- May’s Seasonally Adjusted Turnover Decline: In May 2023, the seasonally adjusted turnover decreased by 0.3% compared to April. The previous month, April, experienced a 4.0% decline, whereas March saw a 2.0% increase in turnover compared to the preceding month.
These figures indicate a challenging period for the industrial sector in May 2023, with many sub-industries experiencing declines in turnover, both domestically and in export markets.