Estonia: Industrial production rebounds in October
December 2, 2013
In October, industrial production rose a working-day adjusted 6.9% over the same month last year, which significantly contrasted the revised 0.8% decrease tallied in September (previously reported: -0.7% year-on-year). According to Statistics Estonia, October's expansion was driven by a surge in mining output, as well as increases in energy production and manufacturing.
A month-on-month comparison confirms the positive development; industrial output rose from minus 0.5% in September to plus 1.1% in October in seasonally and working-day adjusted terms. The overall trend also strengthened, with annual average growth in industrial production rising from 3.6% in September to 4.3% in October.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.3% in 2013, which is unchanged from the previous month's projection. Next year, the panel expects industrial production to increase 3.8%, which is also unchanged from last month's forecast.
Author: Carl Kelly, Economist