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.