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.
Author: Andrea Vetrugno, Economist