Estonia: Contraction in industrial production smallest in five months
December 2, 2015
In October, industrial production decreased a working-day adjusted 2.1% over the same month last year, which was a softer drop than the 4.0% fall tallied in September (previously reported: -4.1% year-on-year). The figure marked the seventh consecutive decline. According to Statistics Estonia, October’s contraction was primarily the result of a decrease in the manufacturing of electronic and metal products, chemicals, as well as building equipment.
A seasonally-adjusted month-on-month assessment shows that industrial production rose 0.9% in October, coming in above the 0.1% increase tallied in September (previously reported: -0.5% mom). The overall trend declined in October, with annual average growth in industrial production dropping from September’s 0.5% to 0.1%.