Monthly Drop in Industrial Output Leads EU

15.11.2011 09:54
Category: Economy

The month-on-month drop in industrial output of 11 percent in September was the most in the European Union, according to Eurostat figures.

According to the overview released November 14, Portugal was second with a monthly drop of 5.8 percent, and Italy was next, with 4.8 percent.

Statistics Estonia had characterized Estonia's decline in output as a surprise when the figure was released.

Of Estonia's neighbors, Latvia had 1.2 percent growth;  Finland, a 0.3 percent contraction. The average for the European Union was minus 1.3 percent and in the Eurozone, minus 2 percent.

Industrial output was still up year on year, although down to just 5.5 percent from around 20 percent for most of this year.

Latvia's year-on-year figure was 9.6 percent; Lithuania's, 8.3 percent. Finland's output fell 1.1 percent compared to the same month last year, while the Eurozone as a whole had 2.3 percent year-on-year growth.

Rita Raudjärv of Statistics Estonia said the current slowdown mainly came from exporters, which means that it is not likely to have an effect on retail figures.

Director general of the Chamber of Commerce and Industry Mait Palts said the growth in output could soon be replaced by a decline.

Kristopher Rikken

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