Estonian industrial production rose for a third month in January, fueled by growing demand for the Baltic nation’s electronics and electricity exports.
Output rose 5.5 percent from a year earlier, compared with a revised 6 percent increase in December and a revised 1.2 percent gain in November, the Tallinn-based statistics office said today on its website. Production rose 0.3 percent from in the month on a seasonally adjusted basis.
“The increase in exports was mainly caused by the rapid growth in sales of electronic products,” the statistics office said. “Export sales of manufacturing production grew 14 percent in January compared to the same month of the previous year; domestic sales increased 6 percent.”
Industrial producers in the newest euro-area member are benefiting from a recovering demand in neighboring Sweden and Finland. Improved export sales will probably help Estonia’s $22 billion economy grow 3 percent this year, the fastest pace in the 17-member currency bloc, after 3.2 percent expansion last year, according to European Commission estimates.
Manufacturing confidence, based on orders, production and inventories, rose to 1.1 points in February, the highest level in six months, with the best outlook for exports in eight months, according to European Commission data released on Feb. 27.
January’s electronics output increased 29 percent from a year earlier, up from a revised 18 percent advance in December, the office said. Electricity, steam and hot-water supply grew 17 percent, compared with a 22 percent gain in December.
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