In January, manufacturing turnover was 25 percent down on one year previously. Turnover on the export market decreased by 29 percent, turnover on the domestic market dropped by 21 percent. The downturn in January is the most substantial one since the beginning of the time series in the early 1990s. Manufacturing output already shrank about 15 percent in November and December.
About half of January’s turnover decline was caused by lower selling prices. January 2009 also had one working day fewer than January 2008. The negative effect on turnover is estimated at approximately 2 percent.
In all segments of manufacturing industry, turnover declined relative to January 2008. With a 42 percent drop, manufacturers of transport equipment suffered most. The sector petroleum, chemical, rubber and plastic products also faced losses well above average, lower selling prices largely accounting for the decline. Price developments in this sector are seriously affected by the price level of crude oil. The price of a barrel of North Sea Brent oil was reduced by nearly half compared to January 2008.