Estonia: Industrial sector continues to contract during the first quarter
April 29, 2011
In March, industrial production contracted 3.0% over the same month the year before, on the top of a 2.7% drop in February. The monthly drop was widespread within the three main industrial sectors. Activity in the key manufacturing sector remains depressed, contracting 3.3% over March last year, which represents a deterioration from the 1.4% drop tallied in February. A month-on-month comparison corroborates the notion of a sector which is unable to escape recession. Industrial production decreased a seasonally adjusted 0.21% over the previous month in March, contrasting a 1.26% expansion in February. In fact, during the last 12 months industrial output recorded only four positive monthly readings. Moreover, the trend continues to point downwards, with the annual average variation in industrial production stepping down from minus 1.9% in February to minus 2.1% in March.