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Tuesday, April 1, 2008

Estonia Industrial Output February 2008

Well we have another sign today, following last weeks retail sales data, that things in Estonia have stabilised somewhat, although, as I keep arguing, it would be very premature to draw longer term conclusions from the data we have at this point. Industrial output - according to the latest data release from the statistics office - was up in February, on both January (1.8%) and February 2007 (2.6%). This follows on the back of a revised 4.2% increase in January.

Manufacturing output is also up, by 5.2% on February 2007, and by 2.4% (seasonally adjusted) on January. As can be seen in the chart below, December was very definitely a bad month, and even seems to have been an exception, so we now need to wait a little to see just where things move from here. Patience, I do believe, is normally a virtue in such situations.

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