Estonia: Industrial production contracts further in May
June 2, 2015
In May, industrial production decreased a working-day adjusted 2.3% over the same month last year, which was a deterioration compared to the 0.2% fall tallied in April (previously reported: -0.1% year-on-year). According to Statistics Estonia, May’s contraction reflected a deterioration in mining and manufacturing as well as in the energy production sector.
A month-on-month assessment shows that industrial output swung from a 1.1% expansion in April to a 1.5% contraction in May. As a result of the decrease, the overall trend declined in May, with annual average growth in industrial production falling from April’s 3.0% to 2.7% in May.
Author: Robert Hill, Economist