Finland Industrial Production Declines For Third Month

Finland's industrial output declined for a third straight month in October, but at a slower pace, data released by Statistics Finland showed on Monday.

Industrial output fell working-day adjusted 0.7 percent year-on-year in October, following a 2.7 percent fall in September. In August, output fell 1.7 percent.

Manufacturing production fell 1.3 percent. Output in the electrical and electronics industry decreased by 11.7 percent. Production in the mining and quarrying output declined 8.8 percent. Food industry production was 2.8 percent less, while metals industry output fell 3.3 percent.

Meanwhile, production grew by 6.6 per cent in the utility sector, by 5.4 percent in the chemical industry and by 3.2 percent in the forest industry.

The capacity utilization rate in the manufacturing sector was 82 percent during October, which was 2.1 percentage points higher than a year ago.

Sequentially, the seasonally adjusted industrial output grew 0.4 percent in October, recovering from 1.1 percent declines in each of the previous two months. Production grew for the first time in three months.