Estonia: Industrial production declines at the fastest pace in 32 months
August 31, 2012
In July, industrial production decreased a working-day adjusted 7.3% over the same month last year, which represents the steepest decline since November 2009 and was larger than the 3.5% contraction observed in June (previously reported: -3.9% year-on-year). According to Statistics Estonia, July's decline mainly reflected a decrease in energy and mining production. A month-on-month comparison does not confirm the contraction reflected in the annual figures, as industrial production rose a seasonally and working-day adjusted 0.5% in July, which contrasted the 1.3% fall tallied in June. Annual average growth fell from 3.5% in June to 1.1% in July, confirming the underlying downward trend in industrial production in place since May 2011.