Estonia: Industrial output growth gathers pace in May
July 2, 2013
In May, industrial production expanded a working-day adjusted 6.3% over the same month last year, which was above the revised 3.0% increase tallied in April (previously reported: +2.6% year-on-year). According to Statistics Estonia, industrial production growth in May was mainly driven by the manufacture of electronic products and production of electricity.
A month-on-month comparison confirms the improvement suggested by the annual data, as industrial output rebounded from a seasonally and working-day adjusted 3.2% decline in April to a 2.0% expansion in May. As a result of the annual acceleration, the trend points upwards, with annual average growth in industrial production rising from 1.8% in April to 2.4% in May.
FocusEconomics Consensus Forecast panellists expect industrial production to expand 3.1% in 2013, which is unchanged from the previous month's projection. Next year, the panel expects industrial production to increase 4.9%.