Estonia: Industrial production expands at a robust pace in 2011
January 31, 2012
In December, industrial production contracted a working-day adjusted 2.6% over the same month the year before, which contrasted the 0.9% increase tallied in November (previously reported: +1.1% year-on-year). In fact, the reading represented the first decline in industrial output in two years. According to Statistics Estonia, the December's reading was mostly influenced by a drop in energy production. On a monthly basis, industrial production contracted a seasonally and working-day adjusted 0.61% in December, which was less than the 0.95% decline observed in November. Overall, in 2011, annual average growth in industrial output reached 17.7%, buoyed by external demand for Estonian products.