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Financial News: Finland Industrial Production Growth Slows In August

Finland Industrial Production Growth Slows In August

10/10/2019 - 01:50:00 (RTTNews)

(RTTNews) - Finland's industrial production growth slowed for the second month in a row in August, figures from Statistics Finland showed on Thursday.

Industrial production climbed a seasonally adjusted 0.4 percent month-on-month in August, following a 1.1 percent rise in July. In June, production had increased 1.2 percent.

Production increased the most in mining and quarrying by 8.3 percent monthly in August and chemical industry output gained 0.6 percent. All other industries reported contraction.

Meanwhile, production of electricity, gas, steam and air conditioning supply declined 9.9 percent and those in the electrical and electronics industry, and food industry fell by 2.8 percent and 0.8 percent, respectively.

On a year-on-year basis, industrial production climbed, on a working day adjusted basis, by 4.4 percent in August, after a 4.9 percent increase in the preceding month.

Separate data from Statistics Finland showed that the manufacturing new orders plunged 17.0 percent annually in August, reversing a 17.0 percent rise in July.

During the January to August period, new orders grew by 0.4 percent, compared to the same period last year.

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