Estonia: Industrial production decelerates in May
July 2, 2014
In May, industrial production increased a working-day adjusted 2.2% over the same month last year, which was down from the 3.6% rise tallied in April (previously reported: +3.9% year-on-year). According to Statistics Estonia, May’s increase was mainly driven by strong growth in the mining industry. The manufacturing sector also registered an increase, including strong gains in refined petroleum products and in machinery and equipment. Energy production tallied modest growth following five straight months of contraction.
A month-on-month assessment shows that industrial output expanded 0.9% in seasonally- and working-day adjusted terms in May, which was down from the 2.1% increase observed in April. The overall trend declined in May, with annual average growth in industrial production falling from 1.8% in April to 1.6%, which marked the lowest level since February 2013.
Author: Carl Kelly, Economist