Thursday 28.05.2020

Turnover and output in services grew in November

However, they contracted compared to the previous month. The best development among the main service industries was recorded in real estate activities.
Turnover and output in services grew in November

The turnover and production of the service industries grew in November in year-on-year terms. However, they contracted compared to the previous month.

According to Statistics Finland's data, working day adjusted turnover in service industries grew by 2.8% in November 2019 from November 2018. Service output or volume, from which the impact of prices has been eliminated, grew by 2.2% over the same period.

In this year's October, turnover reached a growth of 4.2%, while volume went up by 3% from one year back. The postal strike and its support strikes of over two weeks’ duration in November caused exceptional development in some of the industries. Services are here examined exclusive of trade.

Month-on-month decrease

Seasonally adjusted turnover in service industries declined in November 2019 by 0.4% compared to October. The output of services, from which the impact of prices has been eliminated, fell by 0.1% over the same period. In October, turnover fell by 0.2% from the month before. Similarly, the volume went down then by 0.1% from September 2019.

Services-turnover-output-volume

Best development in real estate

In November 2019, the best development among the main service industries was recorded in real estate activities, where working day adjusted turnover increased by 5.4% from November 2018. The volume of the industry rose by 2.7% in the same period.

The working day adjusted turnover of the industry of information and communication activities increased by 4.4% from November 2018. The volume grew by 3.2% in the same period.

Among the main service industries, good growth was also recorded in administrative and support service activities and accommodation and food service activities, in both of which working-day adjusted turnover rose by 4.1% in November 2019 from one year earlier.

In the corresponding period, administrative and support service activities had the fastest volume growth among service industries when measured by volume, up by 3.7% from November 2018. The volume of accommodation and food service activities rose by 3% in November 2019 from one year ago.

Services-turnover-volume-by-industry

Professional, scientific and technical activities also developed more briskly than the average for service industries, as working day adjusted turnover grew there by 4% from November 2018, and other service activities, where working day adjusted turnover grew by 3.5% in November 2019 from one year before.

The volume of professional, scientific and technical activities rose by 2.4% from November 2018.

The working-day adjusted turnover of the biggest service industry, transportation and storage activities, fell by 0.7% in November 2019 from one year back. In the corresponding time, the volume of the industry went down by 0.6%.

Among the main service industries, weakest development was seen in arts, entertainment and recreation, where working day adjusted turnover decreased by 1.0%.

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