Industrial Production Plummets in March Due to Labor Disputes and Maintenance Shutdowns, Leaving Some Sectors More Affected Than Others

In March, industrial production experienced a decrease, with Statistics Finland attributing this decline to factors such as labor disputes and maintenance shutdowns. Seasonally adjusted industrial production dropped by 3.9 percent from the previous month, while the overall industrial production decreased by 7.7 percent from a year ago.

The electricity, gas, heating, and air conditioning maintenance industry and the forest industry were the most affected by the decrease in production. Labor disputes had a significant impact on the forest industry, while maintenance shutdowns led to decreased production in the electricity, gas, heating, and air-conditioning maintenance industry. The value of new orders in industry also saw a decline of about 19 percent in March compared to the previous year.

In the technology industry, the value of new orders received in January-March was notably lower than in the same period last year. The order base and personnel survey released by Teknologiateollisuus ry highlighted the challenges faced by the industry, with order flows thinner than before. Despite this grim outlook based on order development, companies in the technology industry have slightly improved expectations for the future. This optimism is largely tied to expectations of a drop in interest rates