Estonia: Industrial production contraction worsens in June
July 31, 2015
In June, industrial production decreased a working-day adjusted 3.4% over the same month last year, which was a deterioration compared to the 2.4% fall tallied in May (previously reported: -2.3% year-on-year) and the lowest reading since December 2013. According to Statistics Estonia, June’s contraction reflected a deterioration in manufacturing as well as in the energy production sector, however production in mining increased.
A month-on-month assessment shows that industrial production fell 1.4% in June, which was a slight improvement over the 1.6% contraction recorded in May. The overall trend declined in June, with annual average growth in industrial production dropping from May’s 2.7% to 2.3% in June
Author: Robert Hill, Economist