Estonia Industrial production June 2016

Estonia

Estonia: Industrial production contracts at a sharper pace in June

August 1, 2016

According to Statistics Estonia, industrial production dropped a working-day adjusted 4.6% over the same month last year in June, which came in below the revised 2.0% contraction registered in May (previously reported: -1.9% year-on-year). June’s print came on the back of a contraction in mining and manufacturing, with the former declining at a double-digit rate. Besides the month of April 2016, Estonian industrial production have been dropping uninterruptedly since April 2015.

A seasonally-adjusted month-on-month assessment shows that industrial production decreased 3.1% in June, which marked a softer drop than May’s 3.3% decline. Meanwhile, the annual average variation in industrial production edged down from minus 3.3% in May to minus 3.5% in June. June’s print marks the lowest reading in over six years.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 1.0% in 2016, which is unchanged from last month’s projection. The panel foresees industrial production increasing 3.8% in 2017.


Author: Jean-Philippe Pourcelot, Economist

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Estonia Industrial production Chart


Estonia Industry June 2016

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


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