Friday, 13 August 2010 07:19

Finnish industry boosted by gains in forestry and paper sector.

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Finland's June industrial output soared 14.5 percent compared with a year earlier, boosted by a nearly 31-percent gain in its forestry and paper sector, official data showed Tuesday.

Compared to May, Finland's industrial output jumped 2.1 percent, according to figures from Statistic Finland adjusted for seasonal variations.

In May, the Nordic country saw its industrial production grow 13.2 percent on a year-on-year basis and 1.9 percent compared to April, the agency said, pointing out that "apart from a downswing in February, seasonally adjusted output has been rising since October."

Export-reliant Finland, which was hard-hit by the global financial crisis as demand for its key products -- paper and mobile telephones -- plunged, saw growth in all its main industries in June.

Output rose most in the forestry industry, up 30.9 percent compared to June 2009, and in the metals sector, up 14.5 percent, Statistics Finland said.

The electricity and electronics sectors, including the world's leading mobile phone maker Nokia, meanwhile saw slower growth of just 0.8 percent compared to the same month in 2009, it added.

Finland, which suffered more from the financial crisis than its Scandinavian neighbours, has shown signs of recovery but slipped back into recession in the first quarter, with the latest government estimates foreseeing only modest 1.5-percent growth for all of 2010.

Source: Swedishwire

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