Industrial output declines in Finland in October

Helsinki, Dec 10 (IANS) Industrial output adjusted for working days in Finland in October fell year-on-year by 0.6 per cent, the first decline in 18 months, said Statistics Finland.

Seasonally adjusted industrial output went down in October by 2.3 per cent from the previous month, Xinhua news agency reported.

In October, industrial output in Finland decreased from the previous month in all examined main industries. The biggest drop was seen in electricity, gas, steam, and air conditioning supply by 10.7 per cent, and in mining and quarrying by 10.2 per cent.

Compared to October 2021, output also fell in almost all examined major industries in October this year.

Finnish industries are suffering from a weakening demand, said Danske Bank’s chief economist Pasi Kuoppamaki.

“Trade with Russia has collapsed, economic growth is freezing worldwide, and inflation and rising interest rates are putting a strain on domestic demand,” Kuoppamaki was quoted by the Finnish daily Helsingin Sanomat.

He added that a recession seems likely in Finland’s key export markets in Europe and next year in the US. Industrial output could shrink further in the near future.

–IANS

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