Estonia: Industrial production accelerates in July
September 3, 2018
According to Statistics Estonia, annual industrial production growth in working day-adjusted terms hit 3.7% in July, up from 2.5% in June. Robust energy-sector gains were chiefly behind the uptick: Output growth accelerated rapidly from 2.2% year-on-year in June to 24.0% in July. Meanwhile, growth within the manufacturing sector also accelerated in July compared to the previous month, albeit more steadily (July: +2.2% year-on-year; June: +1.5% yoy). The mining sector, however, swung from a 16.5% annual expansion in June to a 2.5% contraction in July.
On a seasonally-adjusted month-on-month basis, industrial production output contracted for the fourth consecutive month, falling 1.3% in July, a deterioration from June’s 1.0% drop (previously reported -0.9% month-on-month). Meanwhile, the annual average variation in industrial production fell to an 18-month low of 4.3% in July, from 4.4% in June.
Author: Almanas Stanapedis, Economist