Swedbank's head economist, Tõnu Mertsina, said that the economies of nearby countries are showing little signs of recovery, while the latest figures about Estonia's industrial output show the reverse.
Mertsina said that the Eurozone's economy was still in decline in the third quarter compared to the same period of last year, while second to third quarter growth was just 0.1 percent, uudised.err.ee reported today.
Industrial output in Finland is still in decline, Mertsina said, adding that it is expected to begin to increase next year, while in Sweden industrial output has decreased by 4 percent this year alone, with no signs of a recovery.
Growth in Russia's industrial sector began to slow in November, with exports suffering.
Growth in Estonia
Despite uncertainty in neighboring countries, Estonia's industrial production grew by 7 percent in October, year-on-year, Statistics Estonia revealed today.
Both production for export and for the internal market grew compared with October 2012, while production growth was recorded in ten out of 12 fields of economic activity, with only the manufacture of electronic equipment and machinery showing declining statistics.