Estonia: Industrial production contracts for fourth consecutive month
July 31, 2012
In June, industrial production decreased a working-day adjusted 3.9% over the same month last year, which represents the fourth consecutive decline and was more than the 0.5% contraction observed in May (previously reported: -0.9% year-on-year). According to Statistics Estonia, June's decline mainly reflected a decrease in energy and mining production. A month-on-month comparison confirms the contraction reflected in the annual figures, as industrial production fell a seasonally and working-day adjusted 1.7% in June, which contrasted the 1.3% rise tallied in May. Annual average growth fell from 5.5% in May to 3.4% in June, confirming the underlying downward trend in industrial production in place since May 2011.