Estonia: Industrial production remains buoyant at the outset of 2011
March 31, 2011
In February, industrial production expanded 31.3% over the same month the year before, which was above the 29.1% increase tallied in January. The robust reading was partially favored by a weak comparison base, as output increased a paltry 3.2% annually in February 2010. Nevertheless, the result represented the 11th straight month of double-digit growth in industrial activity. Although the expansion was widespread within the three main industrial sectors, growth was primarily driven by a 41.6% surge in the manufacturing component. However, a month-on-month comparison points to a slight moderation in industrial output, with activity declining a seasonally and working-day adjusted 0.08% over the previous month, which followed on a 3.52% rise in January. Owing to the resilience of industrial activity over the last 12 months, annual average growth stepped up from 22.4% in January to 24.8% in February, which is the fastest pace in more than a decade.