Estonian May Industrial Production Falls 0.8% on Year
Estonia’s industrial output shrank in May from a year earlier at the slowest pace in three months, as improving domestic demand partly offset the weakening export demand.
Production declined 0.8 percent, compared with a revised 4.1 percent fall in April, the Tallinn-based statistics office said today on its website. Output rose 1.1 percent from the previous month on a seasonally adjusted basis.
Retail sales increased 8 percent from a year earlier, the fastest pace in three months, the statistics office said in a separate statement.
The economy of the newest euro-area member, which grew 7.6 percent last year, the European Union’s fastest pace, faces ebbing demand for its electronics and metals exports to Sweden and Finland as Europe’s debt crisis deepens. Electronics output fell 4.3 percent from a year earlier, after dropping 24 percent in April.
Output last month increased from a year earlier in half of the industries, more than in April, the statistics office said. Gains were led by electrical equipment, rising 18 percent, while wood processing rose 2 percent and food production 1 percent.
Thirty percent of Estonia’s exports went to the euro region last year, while 66 percent went to the EU. The share of the Commonwealth of Independent States rose to 13 percent, according to statistics office data.
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