Estonia: Growth in industrial production picks up to over one-year-high in November
January 6, 2015
In November, industrial production increased a working-day adjusted 4.9% over the same month last year, which came in above the 2.6% rise tallied in October and marked the fastest growth pace since October 2013. According to Statistics Estonia, November’s increase was mainly driven by growth in the production of electronic, wood and metal products that more than offset lower production of furniture, chemicals and building materials.
A month-on-month assessment shows that industrial output increased 1.5% in seasonally- and working-day-adjusted terms in November, which contrasted the 0.5% decrease observed in October. Moreover, the overall trend improved in November, with annual average growth in industrial production edging up from 1.0% in October to 1.2%.
Author: Carl Kelly, Economist