Estonian Industrial Output Rose for 4th Month on Electronics
Estonian industrial production rose for a fourth month in December, a sign the Baltic nation’s exports are weathering a recession in the euro area.
Output rose 6.7 percent from a year earlier, compared with a revised 6.8 percent advance in November, the statistics office, based in the capital, Tallinn, said today in a statement on its website. Production declined 0.9 percent from the previous month on a seasonally adjusted basis. Last month’s data brought the full-year decline to 0.4 percent.
“Since September, production in manufacturing grew significantly,” the statistics office said in the statement. “The main reason for the growth at the end of the year was the recovery in the production volume in the manufacture of electronic products.”
Export demand for Estonian electronics, wood and processed food has improved after sales sagged in the first half. The $22 billion economy may expand 3 percent this year after an estimated 2.9 percent advance last year, the central bank said last month, citing projected strength in confidence and economic activity in Estonia’s main trade partners, Sweden and Finland, after a recent decline.
Electronics output, led by Ericsson AB (ERICB)’s unit making mobile-network stations, jumped 81.4 percent from a year earlier in December, putting the full-year increase at 4.1 percent, the statistics office said. Food production rose 5.6 percent in December, while metals processing declined 17.1 percent.
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