Estonia: Industrial production growth edges up in May
According to Statistics Estonia, annual industrial production growth slightly picked up pace in May, coming in at 3.0% year-on-year, up from April’s 22-month low of 2.2%. The improvement was driven by the manufacturing sector: Sturdy double-digit increases in the manufacture of computer, electronic and optical products; motor vehicles; machinery and equipment; and wood and wood products helped manufacturing output accelerate from 1.1% annual growth in April to a 5.3% expansion in May. In addition, the mining sector swung from a 6.0% contraction in April to a 2.4% expansion in May. Energy production, however, fell 14.1% in May, a stark contrast to the previous month’s 17.4% expansion.
On a seasonally-adjusted month-on-month basis, industrial production output contracted for the second consecutive month, falling 0.4% in May. Nevertheless, the print marked an improvement from the previous month’s 1.4% drop. Meanwhile, the annual average variation in industrial production fell from 6.0% in April to 5.2% in May, marking a 14-month low.