Estonia: Industrial production growth slows
July 29, 2011
In June, industrial production expanded a working-day adjusted 23.8% over the same month last year, slightly below the 24.5% increase observed in May. The reading represented the 15th consecutive month of double-digit growth in industrial activity and confirmed that the economy is expanding at a good pace, with GDP up 8.4% in the second quarter, according to the preliminary estimate. According to Statistics Estonia, external demand remained the main driver behind the expansion in industrial output. On a monthly basis, industrial production expanded a seasonally and working-day adjusted 1.51%, contrasting the 3.63% contraction tallied in May. Despite deceleration in annual figures, annual average growth climbed from 28.5% in May to 28.8% in June and the trend suggests that an expansionary mode is likely to remain in place over the coming months.