Estonia: Industrial production accelerates in July
September 2, 2014
In July, industrial production increased a working-day adjusted 2.3% over the same month last year, which was up from the 1.3% rise tallied in June. According to Statistics Estonia, July’s increase was driven mainly by strong growth in energy production and gains in the manufacturing sector, particularly of wood products, as well as computer and electronic products. In contrast, the mining industry tallied a massive contraction.
A month-on-month assessment shows that industrial output expanded 2.8% in seasonally- and working-day adjusted terms in July, which contrasted the 0.9% decrease observed in June. The overall trend declined for the third consecutive month in July, with annual average growth in industrial production falling from 1.4% in June to 1.0%, which marked the lowest level in more than four years.
Author: Carl Kelly, Economist