Estonia Industry July 2018

Estonia

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.

FocusEconomics panelists project the economy to grow 3.7% this year. In 2019, our panelists see GDP growth moderating to 3.3%.


Author:, Economist

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Estonia Industry July 2018

Note: Year-on-year changes and annual average variation of industrial production in %
Source: Statistics Estonia and FocusEconomics calculations.


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