Industrial production decreased in March due to factors such as labor disputes and maintenance shutdowns, according to Statistics Finland. Seasonally adjusted industrial production fell by 3.9 percent from the previous month and 7.7 percent from a year ago.

Almost all main industries saw a decline in production, with the electricity, gas, heating, and air conditioning maintenance industry and the forest industry being the most affected. However, mining and quarrying as well as the food industry experienced growth.

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 declined by about 19 percent in March compared to the previous year.

In the technology industry, order flows were thinner than before due to lower new orders received in January-March compared to the same period last year. Despite this grim outlook based on order development, companies in the technology industry have slightly improved expectations for the future largely tied to expectations of a drop in interest rates. However, the timing and impact of this reduction on the real economy remain uncertain with ECB expected to lower its key interest rates in June which could have implications for demand stimulation in the future.