Estonia: Industrial production in November records largest contraction in nearly two years
January 6, 2016
In November, industrial production decreased a working-day adjusted 6.2% over the same month last year, which marked a clear deterioration from the 2.5% drop tallied in October (previously reported: -2.1% year-on-year). The figure marked the eighth consecutive decline and the worst reading since December 2013. According to Statistics Estonia, November’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 2.6% in November, which contrasted October’s 0.6% increase (previously reported: +0.9% month-on-month). The overall trend declined in November, with annual average growth in industrial production sliding from plus 0.1% in October to minus 0.8% in November.