Industry and retail both up in 2014

Photo: ERR
1/30/2015 12:57 PM
Category: Economy

According to preliminary data released by Statistics Estonia, the retail market increased by 6 percent last year, with production in the manufacturing sector also up by nearly 4 percent.

As energy and mining sectors both recorded a six-percent drop, industrial production growth was cut to just 2 percent last year.

In manufacturing, the production of electronics (up 7.4 percent), wood and wood products (7.9 percent) and refined petroleum products (8.0 percent) grew, while the production of chemical products (down 7.1 percent) and furniture (3.8 percent) showed the biggest decline.

Exports and domestic sales of industrial products both increased by 2 percent.

The retail market has continued to grow since 2010, but is yet to hit the heights of 2007 and 2008.

A total of 4.9 billion euros worth of sales were recorded.

J.M. Laats

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