Sunday 8/9/20
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Output of the national economy continues to decline

Primary production increased by around 4%, but there were decreases in manufacturing and services.

Women paying for their purchases in a supermarket. Photo: Foreigner.fi
Women paying for their purchases in a supermarket. Photo: Foreigner.fi

The production of the Finnish economy continued declining in May 2020. And it's been three consecutive months, since the coronavirus crisis started, according to the latest figures by Statistics Finland.

Adjusted for working days, output fell by 5.5% in May from one year back.

Seasonally adjusted output in turn went down by 0.7% from the month before.

According to revised data, working day adjusted output fell in April 2020 by 5.3% (previously -7.9%) from April 2019.

Output-National-Economy-May-2020

Source: Statistics Finland.

Production by sectors

Working day adjusted primary production grew by around 4% from the year before. Secondary production decreased by about 3% and services by around 7% from May 2019.

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.

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