Industrial Production Continues Recovery Trend
Figures released by Statistics Estonia on Friday show that September's industrial production was up by 31 percent compared to September of the previous year, thanks mainly to a growth in external demand.
What started off as a moderate growth at the beginning of this year turned into a rapid increase in spring, and by summer the country's enterprises were producing over 20 percent more than in the corresponding months of 2009, Statistics Estonia announced.
Though all main branches of manufacturing posted higher volumes compared with last year, the largest driver in the September to September increase was the manufacture of electronic products, which showed a year-on-year growth of 160 percent.
The growth figures seem less impressive however, when taking into account the massive dip in production that started in 2008 and bottomed out in 2009. Production volumes have so far only recovered enough to reach 2005 levels.