Helsinki, Dec 10 (SocialNews.XYZ) Industrial output adjusted for working days in Finland in October fell year-on-year by 0.6 per cent, the first decline in 18 months, said Statistics Finland.
Seasonally adjusted industrial output went down in October by 2.3 per cent from the previous month, Xinhua news agency reported.
In October, industrial output in Finland decreased from the previous month in all examined main industries. The biggest drop was seen in electricity, gas, steam, and air conditioning supply by 10.7 per cent, and in mining and quarrying by 10.2 per cent.
Compared to October 2021, output also fell in almost all examined major industries in October this year.
Finnish industries are suffering from a weakening demand, said Danske Bank's chief economist Pasi Kuoppamaki.
"Trade with Russia has collapsed, economic growth is freezing worldwide, and inflation and rising interest rates are putting a strain on domestic demand," Kuoppamaki was quoted by the Finnish daily Helsingin Sanomat.
He added that a recession seems likely in Finland's key export markets in Europe and next year in the US. Industrial output could shrink further in the near future.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz