Estonia: Industrial production in September accelerates at fastest pace in five months
October 31, 2014
In September, industrial production increased a working-day adjusted 3.6% over the same month last year, which was above the 2.7% rise tallied in August (previously reported: +3.0% year-on-year). According to Statistics Estonia, September’s increase was driven by growth in the manufacturing sector, particularly of computer and electronic products, and of machinery and equipment. In contrast, the energy sector and mining and quarrying industries tallied large contractions.
A month-on-month assessment shows that industrial output expanded 1.3% in seasonally- and working-day adjusted terms in September, which contrasted the 2.4% decrease observed in August. Moreover, the overall trend improved in September, with annual average growth in industrial production ticking up from 1.1% in August to 1.4% in September.
Author: Carl Kelly, Economist