Estonia: Industrial production moderates in November
December 30, 2010
In November, industrial production expanded 35.0% over the same month the year before, which was slightly down from the 37.5% record increase registered in October. Although the robust reading was favored by a weak calculation base ? industrial production had shrunk 14.2% annually in November 2009 ? it represented the ninth consecutive month of double-digit growth in industrial output. The expansion was broad based, with two of the three main industrial sectors growing at a double-digit pace. The manufacturing sector, a key component of industrial production, rose 36.2% over the same month the year before (October: +39.6% year-on-year). In addition, electricity, steam and hot water supply grew 42.3% in November (October: +32.1% yoy). The mining sector recorded a much weaker 7.9% increase (October: +8.8% yoy). A month-on-month comparison points to a less resilient expansion than suggested by the annual figures, as industrial production rose 1.16% in seasonally adjusted terms over the previous month, after rising 4.87% in October. As a result of November's increase, annual average growth jumped from 12.9% in October to 17.6%, which is the fastest pace in more than a decade.
Author: Armando Ciccarelli, Head of Data Solutions