Finnish economists already have on their tables the first indicators on what the progress of the economy may be in the fourth quarter of 2020. In view of the figures, the situation is progressing in a direction similar to that of the third quarter, with timid monthly growth that suggests that the worst of the crisis may already be behind us, but without reaching the levels of the previous year.
However, there are still some industries unable to improve and emerge from the crisis. This is the case of the forestry and chemical industries, which recorded significant drops in production, both monthly and annually.
According to Statistics Finland, seasonally adjusted industrial output grew by 1.5% in October from the month before. But it was 2.2% lower than in October 2020, before the coronavirus crisis. During January to October, working day adjusted output fell 3.3% from the year before.
Monthly, output grew in October in nearly all industries. The biggest growth was recorded in mining and quarrying, 9.1%, and in the electrical and electronics industry, 6.3% from the month before.
The growth was smallest in the food industry, where output went up by 0.9% from the month before. By contrast, output decreased most in the forest industry, by 4.1%, and in the chemical industry, by 0.7% compared with September.
Source: Statistics Finland.
Compared to one year ago, output in the main industries grew only in the electrical and electronics industry, by 14.5%, and in the metal industry, by 4.8%.
The fall was strongest in the forest industry, by 15%, and in mining and quarrying, by 13% from one year back.
Output declined also in the industry of electricity, gas, steam and air conditioning supply by 8.6% and in the chemical industry by 4.2% year-on-year.