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Financial News: Estonia Industrial Production Growth Doubles In November

Estonia Industrial Production Growth Doubles In November

01/03/2019 - 02:41:00 (RTTNews)

(RTTNews) - Estonia's industrial production growth doubled in November, led by manufacturing and energy, preliminary figures from Statistics Estonia showed on Thursday.

Industrial production climbed 7.9 percent year-over-year in November, following a 4 percent increase in October. The increase was the biggest since April, when production grew 9.1 percent. Production rose for an eighth straight month.

On a working-day adjusted basis, industrial production rose 7.9 percent year-on-year after a 1.7 percent growth in the previous month. The pace of growth was the fastest since June 2017, when output rose 12.7 percent.

Raw data showed that energy production grew the most among various sector, rising by 11.9 percent. Manufacturing output grew 8.1 percent. Meanwhile, mining production registered a fall of 3.7 percent.

Growth in production was mostly due to an increase in the manufacture of computers and electronic products, manufacture of food products and wood, the statistical office said.

Among the branches of industry with larger shares, production fell in the manufacture of electrical equipment and chemical products, Statistics Estonia added.

Manufacturing exports rose by 11 percent and sales to the domestic market grew by 14 percent annually.

On a monthly basis, industrial production advanced a seasonally and working-day adjusted 4.5 percent in November after a 0.8 percent increase in October. Output grew for a second straight month.

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