Bloomberg News

Estonian Industry Grew at Slowest Pace Since Exiting Slump

January 03, 2012

(Updates with monthly figures in second paragraph.)

Dec. 30 (Bloomberg) --Estonian industrial production grew last month at the slowest pace since it returned to expansion in January 2010 as Europe’s debt crisis damped export demand.

Output advanced 1.1 percent from a year earlier, from a 2.4 percent rise in October, the statistics office in the capital, Tallinn, said today on its website. It fell 0.3 percent from the previous month on a seasonally adjusted basis, compared with a record 11 percent drop in September.

Industrial production last shrank in December 2009, when the Baltic nation’s $19 billion economy exited the second- deepest recession in the European Union behind Latvia. Gross domestic product expanded at the fastest pace in the 27-member EU in the third quarter, growing 8.5 percent from a year earlier on increased demand for exports from Sweden and Finland.

Electronics production, led by the Estonian unit of Ericsson AB, which makes mobile network stations, expanded 19.2 percent.

--Editor: Paul Abelsky

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net -0- Dec/30/2011 06:34 GMT


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