Estonia: Industrial production contraction less severe in January
March 5, 2014
In January, industrial production fell a working-day adjusted 1.2% over the same month last year, which was a considerably smaller drop than the 5.9% contraction tallied in December. According to Statistics Estonia, a massive contraction in energy production was partially offset by increases in the mining and manufacturing industries.
A month-on-month assessment shows that industrial output increased 4.3% in seasonally- and working-day adjusted terms in January, which contrasted the 4.2% decrease observed in December. The overall trend was down in January, with annual average growth in industrial production falling from 3.0% in December to 2.5% in January.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 4.7% in 2014, which is down 0.6 percentage points from the previous month's projection. In 2015, the panel expects industrial production to increase 5.3%.
Author: Carl Kelly, Economist