Estonia: Industrial production grows at slower pace in June
July 31, 2013
In June, industrial production expanded a working-day adjusted 4.7% over the same month last year, which was below the revised 6.2% increase tallied in May (previously reported: +6.3% year-on-year). According to Statistics Estonia, the deceleration of industrial production in June was mainly driven by softer manufacturing growth, whereas the mining sector accelerated notably.
A month-on-month comparison paints a bleaker picture, as industrial output dropped 0.9% in seasonally and working-day adjusted terms. The figure contrasts May's 3.4% expansion. The trend continues to improve, with annual average growth in industrial production rising from 2.4% in May to 2.9% in June.
FocusEconomics Consensus Forecast panellists expect industrial production to expand 3.1% in 2013, which is unchanged from the previous month's projection. Next year, the panel expects industrial production to increase 4.9%.