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Financial News: Finland Industrial Production Falls 3.1% Amid Weak Demand

Finland Industrial Production Falls 3.1% Amid Weak Demand

01/10/2023 - 04:53:00 (RTTNews)

(RTTNews) - Finland's industrial production declined for the second straight month in November as output decreased across all sectors, and demand shrunk, data from Statistics Finland showed on Tuesday.

Industrial production decreased a working-day-adjusted 3.1 percent year-on-year in November, following a 0.2 percent drop in October.

Among the main industries, the mining and quarrying output fell sharply by 26.7 percent annually in November, and production in electricity, gas, steam and air conditioning supply contracted by 7.0 percent.

Output produced in the manufacturing sector declined by 1.8 percent.

On a monthly basis, industrial production fell 1.2 percent in November, following a 2.3 percent decrease in the prior month.

Separate data from the statistical office showed that manufacturing new orders dropped 8.9 percent annually in November, after a 5.9 percent growth in October.

The chemical industry declined 5.6 percent and the paper industry fell 3.7 percent.

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