Estonia: Industrial production growth at a nine-month high in March
According to Statistics Estonia, industrial production growth surged to a nine-month high of 7.6% in annual terms in March. The result contrasted a subdued performance in the previous month, when growth came in at a revised 3.0% (previously reported: +1.8% year-on-year). The acceleration in industrial production growth came on the back of an impressive jump in energy production, which jumped 23.0% year-on-year in March. Meanwhile, the manufacturing sector expanded moderately in annual terms in March, as solid increases in the manufacture of machinery and equipment, and computer, electronic and optical products were met with double-digit declines in the manufacture of textiles and furniture.
Looking at seasonally-adjusted month-on-month data, industrial production growth reversed the previous month’s decline (February: -2.6% month-on-month) to come in at 4.1% in March. The print marked the strongest monthly expansion since January 2017. Meanwhile, the annual average variation in industrial production dropped from 7.4% in February to 7.0% in March.