Estonia Industrial production November 2015


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.

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 November 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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