Estonia Industrial production July 2016

Estonia

Estonia: Industrial production rebounds vigorously in July

August 31, 2016

According to Statistics Estonia, industrial production expanded a working-day adjusted 2.2% over the same month last year in July, which contrasted the revised 3.6% contraction registered in June (previously reported: -4.6% year-on-year). July’s print represented the best reading since February 2015 and came on the back of an expansion in the production of wood products and electrical equipment. The reading represents only the second expansion since April 2015, the other having been recorded in April 2016.

A seasonally-adjusted month-on-month assessment shows that industrial production swung from June’s 2.0% contraction to a 4.5% expansion in July. Meanwhile, the annual average variation in industrial production edged up from minus 3.4% in June to minus 2.8% in July. July’s print marks the highest reading in six months.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 1.0% in 2016, which is unchanged from last month’s projection. The panel foresees industrial production increasing 3.8% in 2017.


Author: Jean-Philippe Pourcelot, Economist

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Estonia Industry July 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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