Industrial production in July was smaller than a year ago
According to Statistics Estonia, in July 2012, the production of industrial enterprises decreased by 7% compared to the same month of the previous year. The main reason for the decline was the decrease in energy and mining production.
Compared to July 2011, the production of electricity decreased by 17% and the production of heat increased by 7%. The decrease in electricity production was caused by the growth of import due to the low-price offer of electricity from Nordic countries.
The small growth which took place in manufacturing at the beginning of 2012 (compared to same month of the previous year) was replaced with a small decline starting March. In July the decrease in manufacturing was 6% compared to July 2011. The main reason for the decline in production was the high reference base in the manufacture of electronic products – the effect of this will last till September.
In July, production did not exceed the volume of the same month of the previous year in half of the branches of industry. Among the branches of industry holding larger shares, production fell in the manufacture of electronic, wood and metal products by 20%, 10% and 18%, respectively. Production rose in the manufacture of electrical equipment, chemical products and building materials.
In July 2012 compared to June 2012, the seasonally adjusted total industrial production increased by 1%; the production in manufacturing did not change compared to June.
The volume index and trend of production in manufacturing, January 2003 – July 2012 (2005 = 100)
| Economic activity | Change compared to the previous month according to seasonally adjusted dataa | Change compared to the corresponding month of the previous year | |
|---|---|---|---|
| according to unadjusted data | according to working-day adjusted datab | ||
| TOTAL | 0.5 | -5.0 | -7.4 |
| Energy production | -5.9 | -13.9 | -13.9 |
| Mining | 12.4 | -9.9 | -9.9 |
| Manufacturing | 0.1 | -3.8 | -6.3 |
| manufacture of computer, electronic and optical products | 14.3 | -17.6 | -19.7 |
| manufacture of wood and wood products | -6.4 | -8.1 | -10.3 |
| manufacture of food products | 2.2 | -0.3 | -1.8 |
| manufacture of fabricated metal products | -5.8 | -14.4 | -17.6 |
| manufacture of electrical equipment | 2.2 | 12.2 | 12.2 |
| manufacture of chemicals and chemical products | 0.8 | 4.5 | 1.2 |
| manufacture of furniture | 5.4 | 4.7 | -0.7 |
| manufacture of motor vehicles | -9.0 | -14.3 | -16.3 |
| manufacture of building materials | -0.5 | 5.7 | 3.4 |
a In case of the seasonally adjusted volume index of industrial production, the impact of the differing number of working days in a month and seasonally recurring factors have been eliminated. It is calculated only in comparison with the previous period.
b In case of the working-day adjusted volume index of industrial production, the impact of the differing number of working days in a month has been eliminated. It is calculated only in comparison with the corresponding period of the previous year.