Estonia: Industrial production slows
July 1, 2011
In May, industrial production expanded a working-day adjusted 26.1% over the same month last year, below the 30.8% increase observed in April. The reading represented the 14th consecutive month of double-digit growth in industrial activity and paves the way for another strong GDP result in the second quarter. According to Statistics Estonia, external demand remained the main driver behind the expansion in industrial output. All sectors that compose the industrial production index expanded in May. Manufacturing led the way with the most substantial increase of 31.0% year-on-year. On a monthly basis, industrial production declined a seasonally and working-day adjusted 2.50%, which corroborates the slowdown implied by the annual figures. As industrial activity remains resilient, annual average growth climbed from 28.0% in April to 28.7% in May and the trend suggests that an expansionary mode is likely to remain in place over the coming months.