Estonia: Industrial production slows in August
September 30, 2013
In August, industrial production expanded a working-day adjusted 1.5% over the same month last year, which was well below the revised 8.2% increase tallied in July (previously reported: +7.8% year-on-year). According to Statistics Estonia, the acceleration in industrial production in August was mainly driven by stronger growth in the mining and energy production sectors.
A month-on-month comparison paints a more negative picture, as industrial output plunged from a 2.4% increase in July to a 3.5% contraction in August in seasonally and working-day adjusted terms. Nevertheless, the overall trend improved modestly, with annual average growth in industrial production rising from 4.0% in July to 4.2% in August.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.1% in 2013, which is unchanged from the previous month's projection. Next year, the panel expects industrial production to increase 3.6%, which is unchanged from last month's forecast.
Author: Carl Kelly, Economist