Estonia: Industrial production accelerates in August
October 1, 2018
According to Statistics Estonia, annual industrial production growth in working day-adjusted terms accelerated in August, growing 5.6% following an annual expansion of 3.8% in July. An upturn in manufacturing output growth from 2.2% in July to 5.2% in August was behind the rise. Energy production remained strong, rising 23.0% year-on-year in the month, but marginally below July’s 24.0% expansion. On the other hand, the mining sector contracted more sharply compared to the previous month, with the rate of decline rising to 14.4% from July’s 2.5%.
On a seasonally-adjusted, month-on-month basis, industrial production rose 1.4%, contrasting four consecutive months of contraction; output declined 1.1% in July. Meanwhile, the annual average variation in industrial production remained stable at 4.3% in August.
Author: Almanas Stanapedis, Economist