Estonia: Industrial production continues to decline in January
March 5, 2012
In January, industrial production contracted a working-day adjusted 0.5% over the same month last year, which was up from the 0.1% decrease tallied in December (previously reported: -2.6% year-on-year). According to Statistics Estonia, January's reading was mostly influenced by a fall in electricity production. A month-on-month comparison, however, does not corroborate the decline reflected in the annual figures, as industrial production increased a seasonally and working-day adjusted 2.40% in January, which contrasted the 0.77% contraction observed in December. Annual average growth fell from 16.6% in December to 14.3% in January, confirming the underlying downward trend in industrial production in place since May 2011.