Estonia Industrial production November 2016


Estonia: Industrial production reaches almost two-year high in November

January 9, 2017

According to Statistics Estonia, industrial production expanded a working-day adjusted 9.3% over the same month last year in November, which came in above the revised 4.7% increase registered in October (previously reported: +4.6% year-on-year). A broad-based increase in all components of the index, particularly a double-digit expansion in energy production and mining, was behind November’s strong growth. The print marks the largest expansion since December 2014 and the fifth consecutive expansion, suggesting that the recovery of the Estonian industrial sector is well under way.

A seasonally-adjusted month-on-month assessment shows that industrial production swung from a 0.8% decline in October to 1.5%. Meanwhile, the annual average variation in industrial production swung from minus 1.1% in October to plus 0.2% in November. November’s print marks the highest reading since October 2015.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 3.3% in 2017, which is unchanged from last month’s projection. The panel foresees industrial production increasing 3.2% in 2018.

Author: Jean-Philippe Pourcelot, Economist

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Estonia Industrial production Chart

Estonia Industry November 2016

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

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