Estonia Industrial production May 2016

Estonia: Industrial production falls back into contraction in May

July 1, 2016

According to Statistics Estonia, industrial production decreased a working-day adjusted 1.9% over the same month last year in May, which marked a significant deterioration from the revised 0.7% increase registered in April (previously reported: +0.8% year-on-year). May’s drop marked a further decrease in Estonian industrial production, which, apart from last month, has been falling since April 2015. May’s reading was mainly driven by a drop in energy production.

A seasonally-adjusted month-on-month assessment shows that industrial production decreased 3.3% in May, which contrasted April’s 5.6% expansion. Meanwhile, the annual average variation in industrial production was minus 3.3% in May, the same reading tallied in April.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 2.0% in 2016, which is down 0.9 percentage points from last month’s projection. The panel foresees industrial production increasing 3.8% in 2017.

Author:Andrea Vetrugno, Economist

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