Estonia Industrial production December 2015

Estonia

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.

FocusEconomics Consensus Forecast panelists foresee industrial production growing 3.0% in 2016, which is unchanged from the previous month’s projection. In 2017, the panel expects industrial production to increase 3.8%.


Author: Jean-Philippe Pourcelot, Economist

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Estonia Industrial production Chart


Estonia Industry December 2015

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


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