Estonia: Industrial production declines for the sixth straight month
October 1, 2012
In August, industrial production decreased a working-day adjusted 2.8% over the same month last year, which represents the sixth consecutive month of contracting output. The reading, however, marks an improvement over the 7.3% decline observed in July. According to Statistics Estonia, August's fall mainly reflected a decrease in manufacturing of electronic as well as of metal products. A month-on-month comparison does not confirm the contraction reflected in the annual figures, as industrial production rose a seasonally and working-day adjusted 2.3% in August, which was larger than the 0.8% rise tallied in July. Building on the negative annual reading, annual average growth fell from plus 1.0% in July to minus 1.0%, confirming the underlying downward trend in industrial production in place since May 2011.