Estonia: Industrial production continues to slow
September 30, 2011
In August, industrial production expanded a working-day adjusted 22.7% over the same month last year, which was slightly below the 23.8% increase tallied in July. The reading represented the 17th consecutive month of double-digit growth in industrial activity, but marked the slowest pace for a year. According to Statistics Estonia, the manufacture of electronic products was the main driver behind the monthly expansion. On a monthly basis, industrial production declined a seasonally and working-day adjusted 1.72%, contrasting a 5.02% increase in July, and pointing to a much worse development than implied by the annual figures. Nevertheless, annual average growth inched up from 28.9% in July to 29.0% in August and the trend has remained virtually flat in the last 3 months, suggesting that industrial production growth has reached a plateau.