Estonia: Industrial production in December records largest contraction since November 2009
February 1, 2016
In December, industrial production decreased a working-day adjusted 8.8% over the same month of the previous year, which was a clear deterioration from the 6.2% drop tallied in November. The figure marked the ninth consecutive decline and the worst reading since November 2009. According to Statistics Estonia, December’s contraction was driven by a sharp drop in all three of the main components of the index.
A seasonally-adjusted month-on-month assessment shows that industrial production contracted 3.0% in December, which came in below November’s revised 2.7% decline (previously reported: -2.6% month-on-month). The overall trend deteriorated notably in December, with annual average growth in industrial production sliding from minus 0.7% in November to minus 2.2% in December.