Helsinki, August 15, 2023 – In a recent report by Statistics Finland, the industrial sector in the country faced a significant downturn as the seasonally adjusted turnover plummeted by 14.1% in June 2023 compared to the same month in the previous year.
The data reveals a widespread decrease in turnover across almost all major industries, with a notable exception in the food sector, which managed to achieve growth during this challenging period. The seasonally adjusted industrial turnover also experienced a 2.4% drop in June compared to the preceding month.
Among the industries experiencing the most substantial decrease in turnover were electricity, gas, heat, and air conditioning services, which saw a sharp decline of 24.7%, and mining and quarrying, with a decrease of 24.4% from the previous year. The chemical industry’s turnover also faced a notable dip of 23.7%. Notably, the forest and metal industries saw decreases of 20.8% and 7.7%, respectively. On a positive note, the food industry was the only sector that witnessed growth, boasting a 5.4% increase compared to the previous year.
When it came to exports, the mining and quarrying sector experienced the most significant blow, with export turnover plummeting by 45.4% compared to the same period in 2022. Meanwhile, the forest and chemical industries saw their export turnovers decrease by 26.4% and 19.9%, respectively. The textile industry, however, experienced a 7.5% growth in export turnover from the previous year.
On the domestic front, most main industrial sectors faced a decrease in turnover during June. The chemical industry bore the brunt of this decline, with a staggering 31.4% decrease compared to the previous year. Conversely, the food industry was a shining exception, recording an impressive 8.9% increase in domestic turnover from the previous year.
These changes in turnover followed a trend of volatility, with a 2.4% decrease in the seasonally adjusted industrial turnover observed in June 2023 compared to May. In the months leading up to June, turnover showed fluctuations with a 0.9% decrease in May and a more substantial 4.0% decrease in April compared to their preceding months.