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Press release 21.3.2005

GDP fell from the previous month, growth 1.7 per cent from one year before

According to the seasonally adjusted series of the Monthly Indicator of GDP calculated by Statistics Finland, the volume of GDP fell by one per cent in January compared with December's strong growth. The trend of GDP also fell a little from the previous month.

Volume of GDP in 2000-2005, trend and seasonally adjusted series

The series of the Monthly Indicator of GDP are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods.

GDP grew by 1.7 per cent from January 2004

The volume of GDP rose by 1.7 per cent in January 2005 compared with the previous year's January. Of the six main industries of the Monthly Indicator only manufacturing declined slightly. In January 2005 the number of working days was equal to the corresponding month of the previous year.

Percentage changes of GDP from the previous year's corresponding month

Industrial output went down by 0.4 per cent from January 2004. The output volumes of the whole metal industry grew by one per cent and the manufacture of electronic and electrical equipment by 3 per cent. Output in the wood and paper industry rose by nearly 4 per cent and other manufacturing by 2 per cent. Energy supply fell by 16 per cent.

Sale volumes of trade increased by 2 per cent. Sales of motor vehicles grew by one per cent, and wholesale and retail trade both increased by 3 per cent.

The volume of primary production remained on level with January 2004. Meat production went down by 5 per cent and milk production by 3 per cent. The volume of fellings rose by nearly 3 per cent.

Transport increased by 3 per cent. Construction grew by 2 per cent. Output in other service industries was nearly 3 per cent higher than in January 2004.

The Monthly Indicator of GDP is based on twelve monthly series on different industries of the economy. The series are summed up by weighting. The purpose of the Monthly Indicator is to anticipate the development of the quarterly gross domestic product calculated later with more detailed data.

Source: Monthly Indicator of GDP 2005, January. Statistics Finland

Inquiries: Mr Veli-Pekka Karvinen +358 9 1734 2667