Estonia: Industrial production drops in March
May 2, 2014
In March, industrial production decreased a working-day adjusted 2.9% over the same month last year, which contrasted the 0.5% increase tallied in February. According to Statistics Estonia, the drop was driven by a massive contraction in energy production due to, “reduced consumption and a decrease in exports.”
A month-on-month assessment shows that industrial output increased 1.1% in seasonally- and working-day adjusted terms in March, which contrasted the 1.6% decrease observed in February. The overall trend declined in March, with annual average growth in industrial production falling from 2.5% in February to 1.7%.
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