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Estonia Industrial Output Growth Slowed From Record Pace in May

July 2 (Bloomberg) -- Estonian industrial production growth slowed in May from a record pace a month earlier as domestic demand remained weak.

Production increased 17.1 percent from a year earlier, compared with an 18.4 percent rise the previous month, the highest since at least 2000, the Tallinn-based statistics office said on its website today. Output rose 2 percent from the previous month on a seasonally adjusted basis.

“We expect month-on-month growth to continue,” said Annika Lindblad, an economist with Nordea AB in Helsinki, ahead of the report. “Due to weak domestic demand, the recovery is seen gradual, as the revival relies heavily on export demand.”

Confidence among industrial companies worsened in June to minus 2 points from plus one point in May, the first decline in a year, according to seasonally adjusted data from the Tallinn-based Konjunktuuriinstituut research institute.

Domestic sales of manufacturing shrank 6 percent from a year earlier, compared with a 12 percent-decline in April, the office said. Manufacturing exports, led by wireless network gear and wind generators made by local units of Sweden’s Ericsson AB and Zurich-based ABB Ltd., grew an annual 46 percent, compared with a 36 percent rise the previous month, the statistics office said.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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