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Macroeconomic News
Estonia April industry output falls nearly 34 pct y/y
Fri, 29th May 2009 08:05
TALLINN, May 29 (Reuters) - Estonia's industrial output fall accelerated to 33.7 percent year-
The latest drop compared with a fall of 29.7 percent year-on-year in March. On the month in April, output fell 2.9 percent after a 2.8 percent fall in March.
With a population of just 1.3 million people and an economy dependent on exports, Estonia is feeling the effects of a collapse in demand and a recession that started in the second quarter of 2008.
In the first quarter of 2009 GDP was down 15.6 percent year-on-year.
'Sales in external markets fell 40 percent compared to April of the previous year and sales in the domestic market decreased 30 percent,' the statistics office said in a statement.
'The manufacture of apparel, wood and plastic products, electronic products and electrical equipment, motor vehicles and other manufacturing fell more than 30 percent,' it said.
(Reporting by David Mardiste, editing by Mike Peacock) Keywords: ESTONIA PRODUCTION/
(Tallinn Newsroom, +372 5290992, david.mardiste@thomsonreuters.com)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
on-year in April and production was back to the same level as in 2003, the statistics office said on Friday.
The latest drop compared with a fall of 29.7 percent year-on-year in March. On the month in April, output fell 2.9 percent after a 2.8 percent fall in March.
With a population of just 1.3 million people and an economy dependent on exports, Estonia is feeling the effects of a collapse in demand and a recession that started in the second quarter of 2008.
In the first quarter of 2009 GDP was down 15.6 percent year-on-year.
'Sales in external markets fell 40 percent compared to April of the previous year and sales in the domestic market decreased 30 percent,' the statistics office said in a statement.
'The manufacture of apparel, wood and plastic products, electronic products and electrical equipment, motor vehicles and other manufacturing fell more than 30 percent,' it said.
(Reporting by David Mardiste, editing by Mike Peacock) Keywords: ESTONIA PRODUCTION/
(Tallinn Newsroom, +372 5290992, david.mardiste@thomsonreuters.com)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
