Estonia Industrial production May 2017


Estonia: Industrial output expands solidly in May

July 10, 2017

According to Statistics Estonia, industrial production expanded a working-day adjusted 12.6% over the same month last year in May. The result, which followed the 10.4% increase observed in April, marked another month of solid growth and was the eleventh consecutive monthly expansion. The strong increase reflects an across-the-board increase in all three main components of the index with a 57.9% increase in energy production leading the month’s gains followed by mining and manufacturing.

A seasonally adjusted month-on-month assessment shows that growth in industrial production swung from a 0.4% expansion in April to a 0.3% decline in May. Meanwhile, the annual average variation in industrial production jumped from a 5.8% increase in April to a stronger 7.0% expansion, the highest print since June 2012.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 5.7% in 2017, which is unchanged from last month’s projection. The panel foresees industrial production increasing 4.2% in 2018.

Author: Jean-Philippe Pourcelot, Economist

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Estonia Industrial production Chart

Estonia Industry May 2017

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Estonia and FocusEconomics calculations.

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