Estonia Industrial production February 2016

Estonia

Estonia: Industrial production records a pronounced contraction in February

March 31, 2016

Industrial production decreased a working-day adjusted 1.7% over the same month of last year in February, which marked a decrease from the 0.2% drop registered in January. February’s figure was the eleventh consecutive decline and marked the largest contraction since December 2015. According to Statistics Estonia, February’s reading was driven by a sharp drop in both energy production and mining, which more than offset an expansion in manufacturing.

A seasonally-adjusted month-on-month assessment shows that industrial production decreased 0.3% in February, which contrasted the 4.9% expansion tallied in January. The overall trend worsened again in February, with the annual average variation in industrial production edging down from minus 2.5% in January to minus 2.9% in February.

FocusEconomics Consensus Forecast panelists foresee industrial production growing 2.8% in 2016, which is down 0.2 percentage points from last month’s projection. In 2017, the panel expects industrial production to increase 3.8%.


Author:, Economist

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Estonia Industrial production Chart


Estonia Industry February 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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