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Nat’l production slumps in August

14 Oct 2017, 01:30 ( 14 Oct, 2017) | updated: 14 Oct 2017, 01:32 ( 14 Oct, 2017)

Photo Port of Helsinki by Veikko Somerpuro.

Output of the national economy fell in August from the previous month but grew year-on-year

Seasonally adjusted output fell by 0.7 per cent in August 2017 from the month before, said Statistics Finland in an official release.

Adjusted for working days, output was however 2.7 per cent higher than in August 2016. According to revised data, working-day adjusted output grew in July by 3.6 per cent (previously 3.1 per cent) from July 2016.

The series of the Trend Indicator of Output 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. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

Working day adjusted primary production went up by five, secondary production by four and services by two per cent from August 2016.

Primary production refers to agriculture, hunting, forestry and fishing. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.