Estonia: September industrial production dives
October 31, 2011
In September, industrial production expanded a working-day adjusted 5.5% over the same month last year, which was well below the 22.6% increase tallied in August. Industrial output returned to single-digit rates of growth after having expanded at a double-digit rate for 17 consecutive months. Moreover, the reading represented the slowest pace of growth since February 2010. According to Statistics Estonia, the abrupt slowdown in production was due to a fall in electronic goods manufacturing. On a monthly basis, industrial production declined a seasonally and working-day adjusted 10.94%, far exceeding a 1.96% contraction in August. Annual average growth edged down from 29.0% in August to 26.8% in September.