Estonia: Industrial production picks up in July
September 2, 2013
In July, industrial production expanded a working-day adjusted 7.8% over the same month last year, which was above the revised 5.2% increase tallied in June (previously reported: +4.7% year-on-year). According to Statistics Estonia, the acceleration in industrial production in July was mainly driven by stronger growth in the mining and energy production sectors.
A month-on-month comparison also paints a positive picture, as industrial output rebounded from minus 0.2% in June to plus 2.1% in July in seasonally and working-day adjusted terms. The overall trend continues to improve, with annual average growth in industrial production rising from 2.9% in June to 3.9% in July.
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%.
Author: Carl Kelly, Economist