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New manufacturing orders rise by 50 percent in August

Industrial production also rose sharply in August compared to the same month last year.

Äänieristettyjä työtiloja tekevän Framery Acousticsin tehdas Tampereella 8. syyskuuta 2021.
Working day adjusted industrial production rose by 4.4 percent from August last year. Image: Laura Ukkonen / Lehtikuva

The value of new orders in manufacturing were up by 48 percent in August this year compared to the same month last year, according to preliminary figures published by Statistics Finland.

The number-crunching agency added that during the first eight months of this year, from January to August, orders grew by 30 percent and increased in all major industries.

"New orders grew most in the metal industry, where the value of orders was 62.3 percent higher than in the previous year," the agency's press release stated "In the industry of the manufacture of paper and paper board products, orders grew from the previous year by 30.5 percent and in the chemical industry by 15 percent."

Industrial production also rose sharply, according to the agency's figures.

In August, seasonally adjusted industrial output grew by 1.4 percent compared to July and working day adjusted industrial production rose by 4.4 percent from August last year.

However, the Central Chamber of Commerce's Chief Economist Jukka Appelqvist said that the level of new manufacturing orders in August last year was low, so the comparison level is coming from a lower base.

"The reading is still genuinely strong, and the sharp rise cannot be explained by the slowness of the comparison year [August 2020] alone. The value of new orders is currently being strongly boosted by both rising prices and growing order volumes," Appelqvist said.

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