July 10, 2020 / 6:03 AM / a month ago

UPDATE 1-Finnish industrial output slumps 28% in May - statistics office

* New manufacturing orders in May mark fifth monthly decline

* May industry output down 3.8% (Adds details, background)

July 10 (Reuters) - New manufacturing orders in Finnish industries slumped 28.4% in May from last year, marking their fifth consecutive monthly decline, Statistics Finland said on Friday.

The EU Commission expects Finland to post the slowest recovery among eurozone countries from the economic impact of the coronavirus crisis, as the Nordic economy is reliant on manufacturing industries and their clients’ investments in export markets.

Orders in the paper and paper-board industry dived 29.8% from a year earlier and down 30.6% in the metal industry.

Adjusted industry output fell 3.8% in May, the statistics office said in a separate statement, adding that electrical and electronics industry posted a growth of 24.7% in May output, partly due to unusually low production figures a year earlier.

“Without the impact of the electrical and electronics industry, industrial output adjusted for working days decreases by 9.4% from the previous year,” it said.

Reporting by Tarmo Virki in Tallinn; Editing by Christian Schmollinger and Sherry Jacob-Phillips

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