Turnover of large enterprises contracted for the third month in a row

The first quarter of the year 2020 has been a bit difficult for Finnish large companies, whose turnover has already added three consecutive months of decline.

According to Statistics Finland's preliminary data, the seasonally adjusted turnover of large enterprises contracted by 0.8% in March 2020 compared with February. In February, seasonally adjusted turnover fell by 0.5%, while in January, turnover was 0.9 per cent lower than in the month before.

In annual terms, the unadjusted turnover of large enterprises fell by 3.6% in March 2020 compared with March 2019.

The turnover of large enterprises decreased by 2.4% in January to March from one year ago.

The turnover estimate of large enterprises is based on a sample formed of 2,000 enterprises with the most significant turnover in manufacturing, construction, trade and other service industries.

Excluded from the statistics are enterprises engaged in primary production, and bank and insurance activities.

The enterprises described in the statistics make up approximately 70% of the turnover of all enterprises operating in Finland, represent more than one-half of the investments made and employ good 40% of the personnel of all enterprises.

Statistics Finland say the economic situation of the whole enterprise sector cannot be assessed solely based on these statistics, because the economic development of smaller enterprises may differ from large enterprises.