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Financial News: Finland Industrial Production Decline Slows In May

Finland Industrial Production Decline Slows In May

07/10/2020 - 02:14:00 (RTTNews)

(RTTNews) - Finland's industrial production declined for a second month, but at a softer pace, in May, figures from Statistics Finland showed on Friday.

Industrial production decreased by a seasonally adjusted 1.2 percent month-on-month in May, following a 2.7 percent decline in April.

Manufacturing output fell 0.8 percent monthly in May, while output in electricity, gas, steam and air conditioning grew 8.2 percent.

Among industries, output declined the most in chemical industry in May, by 9.8 percent. Production in mining and quarrying, and forest industry decreased by 9.1 percent and 2.2 percent, respectively.

On an annual basis, industrial production declined a working-day adjusted 3.8 percent in May, following a 4.1 percent decrease in the preceding month.

Separate data from the statistical office showed that the new orders in manufacturing declined 28.4 percent annually in May, following a 12.7 percent fall in April. Orders declined for the fifth month in a row.

During January to May period, orders decreased by 12.2 percent compared to the same period last year.

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