Estonian industrial production growth motors on in June

Estonian industrial production growth motors on in June
By bne IntelliNews July 31, 2017

Estonian industrial production expanded 14.5% y/y in June, working-day adjusted data from Statistics Estonia showed on July 31.

The June expansion extends a strong growth trend that began in September, reinforcing forecasts that the Estonian economy is due to pick up speed in 2017. The reading shows the industrial sector adding to an already robust expansion of 12.6% y/y in May.
 
Estonian GDP grew 1.6% in 2016, improving on the six-year low of 1.1% the preceding year. The economy made a good start to 2017, with first quarter GDP growing 4.4%. Expansion of around 2.2% is forecast over the full year.  

In unadjusted annual terms, industrial production grew 17.4%. In monthly terms, output grew a seasonally adjusted 1.1%.

Production increased in all main segments of industry in June. The energy segment saw output grow 31.8% y/y; mining boomed 95.5%, and the manufacturing segment grew 10.1%. Most manufacturing sub-segments increased output, save for computers, electronics and optical products, textiles, and furniture.

Some 66% of industrial output was sold on the external market. According to unadjusted data, export sales of manufacturing production grew 3% y/y in June, while domestic sales rose 17%.

Data

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