Finland's large companies regained in May part of the turnover they lost in April, the most complicated month for sales due to the economic lockdown.
According to Statistics Finland's preliminary data, the seasonally adjusted turnover of large enterprises grew by 1.1% compared with April. In April, seasonally adjusted turnover fell by 8.4%. "The exceptional situation caused by coronavirus had an effect on the development of large enterprises," the statistical office emphasized.
But the effects of the pandemic can be better perceived in annual terms. The unadjusted turnover of large enterprises fell by 14.6% in May 2020 compared with May 2019. The turnover of large enterprises decreased by 7.2% in January to May from one year ago.
The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.
The turnover estimate of large enterprises is based on a sample formed of 2,000 enterprises with the most significant turnover in manufacturing, construction, trade and other service industries. Excluded from the statistics are enterprises engaged in primary production, and bank and insurance activities.
The enterprises described in the statistics make up approximately 70% of the turnover of all enterprises operating in Finland, represent more than one-half of the investments made and employ good 40 per cent of the personnel of all enterprises.