Estonia: Industrial production decelerates in June
July 31, 2014
In June, industrial production increased a working-day adjusted 1.0% over the same month last year, which was down from the 2.2% rise tallied in May. According to Statistics Estonia, June’s increase was driven mainly by strong growth in energy production and gains in the manufacturing sector, particularly of machinery and equipment, as well as refined petroleum products. In contrast, the mining industry tallied a massive contraction.
A month-on-month assessment shows that industrial output contracted 1.2% in seasonally- and working-day adjusted terms in June, which contrasted the 0.9% increase observed in May. The overall trend declined again in June, with annual average growth in industrial production falling from 1.6% in May to 1.3%, which marked the lowest level since February 2013.
Author: Carl Kelly, Economist