Estonia: Industrial production contracts again in August marking sixth consecutive decline
October 30, 2015
In September, industrial production decreased a working-day adjusted 4.1% over the same month last year, which was a sharper drop than the 2.5% fall tallied in August (previously reported: -2.7% year-on-year). The figure marked the sixth consecutive decline. According to Statistics Estonia, September’s contraction was primarily the result of a decrease in the manufacturing of electronic products, chemicals, as well as in machinery and equipment.
A seasonally-adjusted month-on-month assessment shows that industrial production fell 0.5% in September, which contrasted the 1.8% increase tallied in August (previously reported: 1.1% mom). The overall trend declined in September, with annual average growth in industrial production dropping from August’s 1.2% to 0.5% in September.