Estonia: Industrial output expands at the fastest pace in 16 months
April 30, 2013
In March, industrial production increased a working-day adjusted 7.1% over the same month last year, which was well above the 1.8% rise observed in February. In fact, the reading represented the fastest expansion in output seen since November 2011. According to Statistics Estonia, the March expansion mainly reflected an increase in manufacturing of electronic products and electricity.
On a monthly basis, industrial production rose a seasonally and working-day adjusted 3.9% in March, which contrasted the 3.4% decline tallied in February. Moreover, annual average growth in industrial production increased from 0.7% in February to 1.5% in March.
FocusEconomics Consensus Forecast panellists expect industrial production to expand 3.1% in 2013, which is down 0.2 percentage points from the previous month's projection. Next year, the panel expects industrial production to increase 4.9%.