Estonia: Industrial production grows at slowest pace in 11 months
August 31, 2011
In July, industrial production expanded a working-day adjusted 22.9% over the same month last year, which was below the 23.8% increase tallied in June. The reading represented the 16th consecutive month of double-digit growth in industrial activity but marked the slowest pace recorded since August 2010. According to Statistics Estonia, electronic goods manufacturing was the main driver behind the expansion in industrial output. On a monthly basis, industrial production expanded a seasonally and working-day adjusted 4.70%, up from the 2.10% observed in June. As a result of the deceleration observed in the annual figures, annual average growth inched down from 28.9% in June to 28.8% in July, reversing the recent upward trend in place since November 2009, which suggests that industrial production will gradually decelerate over the coming months.