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“Finnish industry looks like it’s entered a new phase” – SY economist
Statistics Finland data show the value of orders is growing.
The value of new orders received by industrial companies in August was 3.6% higher than a year previously. In January–August, the value of new orders was 9.7% higher than a year previously.
“Even though the growth in new orders has plateaued slightly, the figures from earlier in the year are still cause for optimism. Finnish industry looks like it’s entered a new phase, one we can assume will gradually lift the wider economy to growth,” says Petri Malinen, a senior economist at Suomen Yrittäjät, the Finnish SME association.
“Industry would have had even faster order growth early in the year if Donald Trump hadn’t gone back and forth with his trade policy,” Malinen says.
Seasonally-adjusted industrial output in August grew by 2.6% compared to July. By contrast, industry’s working-day adjusted output continued to fall slightly, dropping by 0.2% compared with a year earlier.
“The strong growth in industry’s order books which has been growing all year is gradually starting to be reflected in industrial output. This strengthens the view that industrial output may have put its deepest dip behind it and that we can assume output will continue to recover for the rest of the year. At the same time, it’s worth noting that industrial companies’ outlooks are still marked by a lot of question marks, and that these figures don’t speak to a strong economic upswing yet,” Malinen says.
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