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New manufacturing orders up by 45% year-on-year in May

Statistics Finland also reported that industrial output grew by 8 percent in May compared to the same month last year.

Nosto-ovien koneistoja Champion Doorin tuotantotiloissa Nivalassa.
Seasonally adjusted industrial output was up 2.2 percent from April. Image: Risto Degerman / Yle

The value of new manufacturing orders was 45.2 percent higher in May this year compared to the same month last year, according to the latest data released by Statistics Finland.

The number-crunching agency also revealed that orders were up 23 percent during the first five months of this year compared to the same period in 2020.

"Growth was strongest in the metal industry, where the value of orders was 51.2 percent higher than in the previous year," the agency's report stated.

Orders also increased by almost 46 per cent in the paper industry and by 20 percent in the chemical industry when compared to last year's figures.

Statistics on new manufacturing orders tend to fluctuate quite significantly from month to month due to a variety of factors, including seasonality, making comparisons with last year's figures more robust.

The agency defines new manufacturing orders as "the value of new orders received by enterprises for commodities and services that are meant to be produced by establishments located in Finland."

In a separate press release published on Friday, Statistics Finland also reported that industrial output grew by 8 percent in May compared to May of 2020, when Finland was in the grips of the first wave of the coronavirus pandemic.

Seasonally adjusted industrial output was up 2.2 percent from April.

"Output in the electrical and electronics industry increased by 4.6 percent, in the food industry by 3.6 percent and in the forest industry by 3.1 percent from the month before," the report said.

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