In February, manufacturing turnover was 27 percent down on one year previously. Turnover on the export market decreased by 33 percent, turnover on the domestic market dropped by 20 percent. The downturn in February is the most substantial one since the beginning of the time series in the early 1990s. In January, manufacturing output was approximately 25 percent down on January 2008.
About one third of February’s turnover decline was caused by lower selling prices. February 2009 also had one working day fewer than February 2008. The negative effect on turnover is estimated at approximately 3 percent.
In all segments of manufacturing industry, turnover declined compared to February 2008. With a 46 percent downturn, manufacturers of transport equipment suffered most. The sector petroleum, chemical, rubber and plastic products also faced losses well above average. In this sector, turnover was 38 percent down on one year previously. Lower selling prices largely accounted for the decline. Price developments in this sector are closely related to the price level of crude oil. The price of a barrel of North Sea Brent oil was reduced by over 50 percent compared to February 2008.