Estonia: Industrial production slows down in April
May 30, 2013
In April, industrial production expanded a working-day adjusted 2.6% over the same month last year, which represents a notable deceleration compared to the revised 7.5% expansion observed in March (previously reported: +7.1% year-on-year). According to Statistics Estonia, the moderation reflects slower growth in manufacturing output as well as in output of electronic products and electricity.
A month-on-month comparison points to an even sharper deterioration than the slowdown suggested by the annual data, as factory output declined a seasonally and working-day adjusted 3.3% in April, which contrasts the 4.7% increase registered in March. Despite the annual deceleration, the trend points upwards, with annual average growth in industrial production rising from 1.4% in March to 1.7% in April.
FocusEconomics Consensus Forecast panellists 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 4.9%.