Information about renewals in the Volume Index of Industrial Output

Both annual updates and totally new changes were made in connection with the production and publication of the Volume Index of Industrial Output concerning January 2019, which aim to improve the quality of the statistics and coherence with national accounts.

Updating of seasonal adjustment models and weights

According to Statistics Finland's seasonal adjustment practices, the suitability of the seasonal adjustment models of the Volume Index of Industrial Output is checked and updated once a year. The update is made at the turn of the year. The updating of the models has effects on the industry-specific working day and seasonally adjusted series and trend series.

The volume index of industrial output is a so-called chain index with variable weights, where all weights used in the calculations are revised annually. In connection with this release, industry-specific value added weights were updated with the latest available data from 2017.

Until now, industry-specific producer price indices have been used in deflating the Volume Index of Industrial Output. Starting from data concerning January 2019, price indices compiled by national accounts are used as deflators. Price indices compiled by national accounts are more detailed and they also take into account the secondary production of the industry.

Thus far, the production of the statistics has been based on a sample of approximately 750 establishments or enterprises. The aim has been to reduce the data supply burden and the renewal has attained it. The sample of the Volume Index is now around 350 establishments or enterprises. However, coverage has improved as part of industries are obtained through turnover data.

Previously, so-called mixed collection was used in the calculation of the Volume Index of Industrial Output, that is, both volume and value data were inquired inside industries. From 2019 onwards, use is made of industry-pure collection, that is, either volume or value data by industry are in use. These renewals help to improve the correspondence of the Volume Index of Industrial Output with the Trend Indicator of Output of national accounts.

The table below shows the industry-specific value added shares for the value added of total industries (BCD) in 2015, 2016 and 2017.

Table 1 Value added shares in industries 2015, 2016 and 2017

TOL 2008 Value added share 2015 (%) Value added share 2016 (%) Value added share 2017 (%)
Total industries (BCD) 100,0 100,0 100,0
Mining and quarrying (B) 1,6 1,9 2,4
Manufacturing(C) 88,6 86,7 86,7
Food industry (10-11) 8,3 8,1 7,2
Forest industry (16-17) 14,2 12,8 13,3
Chemical industry (19-22) 14,4 15,8 15,7
Metal industry (24-33) 44,1 44,2 43,4
Electrical and electronics industry (26-27) 13,2 12,5 13,1
Manufacture of transport equipment (29-30) 2,8 3,1 2,8
Electricity, gas, steam and air conditioning supply (D) 11,2 11,4 10,9


Updating 8.3.2019

Viittausohje:

Suomen virallinen tilasto (SVT): Teollisuustuotannon volyymi-indeksi [verkkojulkaisu].
ISSN=1796-3788. Helsinki: Tilastokeskus [viitattu: 16.12.2019].
Saantitapa: http://www.stat.fi/til/ttvi/ttvi_2019-03-08_uut_001_en.html