Estonia: Industrial production contracts in September
October 31, 2013
In September, industrial production fell a working-day adjusted 0.7% over the same month last year, which contrasted the revised 1.2% increase tallied in August (previously reported: +1.5% year-on-year). The reading marked the lowest level since October of last year. According to Statistics Estonia, the contraction in industrial production in September was driven by a deterioration in manufacturing, which more then offset growth in the energy production sector.
A month-on-month comparison paints a less negative picture, as industrial output rose from minus 3.5% in August to minus 0.6% in September in seasonally and working-day adjusted terms. Nevertheless, the overall trend worsened, with annual average growth in industrial production falling from 4.1% in August to 3.6% in September.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.3% in 2013, which is unchanged from the previous month's projection. Next year, the panel expects industrial production to increase 3.8%, which is also unchanged from last month's forecast.
Author: Carl Kelly, Economist