Financial News: Finland Industrial Production Climbs 4.3%

Finland Industrial Production Climbs 4.3%

03/10/2023 - 01:56:00 (RTTNews)

(RTTNews) - Finland's industrial production expanded for the second straight month in January, and at an accelerated pace, largely driven by the sharp recovery in the utility sector, data from Statistics Finland showed on Friday.

Industrial production advanced a working-day-adjusted 4.3 percent year-on-year in January, following a 0.7 percent rebound in the previous month.

Among the main industries, output produced in the electricity, gas, heating, and cooling segments logged a sharp annual growth of 10.3 percent versus a 3.2 percent fall in December.

Manufacturing production also logged positive growth of 3.6 percent, while mining and quarrying output continued to decline by 5.2 percent.

On a monthly basis, industrial production moved up 0.7 percent from December, when it grew by 3.3 percent.

Separate data from the statistical office showed that manufacturing new orders rose 0.5 percent annually in January, reversing a 2.1 percent fall in the prior month. Orders in the paper industry grew the most, by 17.9 percent.

Official data showed that the current account balance of the country turned to a surplus of EUR 248 million in January from a deficit of EUR 194 million in the preceding month.

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