Estonia: Industrial production expands at fastest pace in more than a year
October 31, 2012
In September, industrial production increased a working-day adjusted 8.3% over the same month last year, which contrasted the 3.0% decline observed in August (previously reported: -2.8% year-on-year). The reading represents, in fact, the fastest pace of expansion seen since August 2011. According to Statistics Estonia, September's increase mainly reflected a rise in manufacturing of electronic products. On a monthly basis, industrial production rose a seasonally and working-day adjusted 2.0% in September, which was below the 2.3% increase tallied in August. Building on the strong annual reading, annual average growth inched up from minus 0.9% in August to minus 0.8% in September, breaking the downward trend that was in place since May 2011.