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Home BUSINESSOutput of national economy decreases in March
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Fri, 16 May, 2014 12:02:11 AM
FTimes Report, May 16
 
Volume of total output 2005 to 2014, trend and seasonally adjusted series. Source: Statistics Finland.
Seasonally adjusted output of the national economy has decreased by 1.0 per cent in March from the month before and the output adjusted for working days fell by 2.0 per cent from the level of the previous year, according to the Statistics Finland.
 
March 2014 had one working day more than March 2013. Unadjusted for working days, the original series was 0.8 per cent lower than in the year before. According to revised data, working-day adjusted output grew in February by 0.4 per cent from February 2013.
 
The data are based on preliminary data of the Trend Indicator of Output and the series of the Trend Indicator of Output are seasonally adjusted with the Tramo/Seats method.
 
Working day adjusted change of total output from previous year’s corresponding month, %. Source: Statistics Finland.
The latest observations of the series adjusted for seasonal and random variation (seasonally adjusted and trend series) become revised with new observations in seasonal adjustment methods. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.
 
Secondary production and primary production decreased both by three per cent and services by one per cent from March 2013. Secondary production includes manufacturing and construction. Services comprise trade, hotel and restaurant activities, transport and business activities, as well as real estate, renting and research services, financial intermediation and insurance, and public services.
 
 
Seasonally adjusted GDP is estimated to have fallen by 0.4 per cent from the previous quarter.
 
According to the series adjusted for working days, GDP was 0.8 per cent down on the corresponding quarter of the year before. It is estimated that the number of the employed has contracted by 0.5 per cent and hours worked fallen by 1.0 per cent from the first quarter of 2013.
 
 
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