Estonia: Industrial production tumbles in December
January 31, 2014
In December, industrial production fell a working-day adjusted 6.4% over the same month of the previous year, which contrasted the 3.4% expansion tallied in November. According to Statistics Estonia, December's plunge was driven by a massive contraction in energy production as well as a decline in both mining and manufacturing.
A month-on-month assessment shows that industrial output fell 5.7% in seasonally and working-day adjusted terms in December, which contrasted the modest 0.1% increase observed in November. The overall trend was down in December, with annual average growth in industrial production falling from November's 4.5% to 3.4% in December. In the full year 2013, industrial production rose 3.4%, which was a large increase over the 0.3% growth tallied in 2012.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 4.7% in 2014, which is down 0.6 percentage points from the previous month's projection. In 2015, the panel expects industrial production to increase 5.3%.
Author: Carl Kelly, Economist