Estonia: Industrial production virtually flat in October
November 30, 2012
In October, industrial production increased a working-day adjusted 0.1% over the same month last year, which was well below the 8.2% increase observed in September (previously reported: +8.3% year-on-year). According to Statistics Estonia, October's meagre reading reflected how an increase in the production of energy and mining was nearly offset by a decrease in manufacturing. On a monthly basis, industrial production fell a seasonally and working-day adjusted 5.3% in October, which contrasted the 2.0% increase tallied in September. Building on the weak annual reading, annual average growth edged down from minus 0.8% in September to minus 1.1% in October, resuming the downward trend in place since May 2011.