Estonia: External demand boosts industrial production in April
May 31, 2011
In April, industrial production expanded a working-day adjusted 31.8% over the same month the year before, slightly below the 33.5% increase observed in March. External demand for Estonian products boosted output as, according to Statistics Estonia, almost three quarters of manufactured goods were sold in foreign markets. Moreover, a strong reading continued to benefit from a favourable base effect from April 2010, when output increased a relatively moderate 17.6% and represented the 13th straight month of double-digit growth in industrial activity. The April expansion was broad-based across all sectors that compose the industrial production index, however, manufacturing continued to have the most significant impact, surging 37.7% year-on-year. On a monthly basis, industrial production remained flat over the previous month on a seasonally and working-day adjusted basis, which contrasted a 3.14% rise in March. Owing to the resilience of industrial activity, annual average growth increased from 27.0% in March to 28.1% in April and the trend suggests that growth in production is set to remain in an expansionary phase over the coming months.