TALLINN - According to Statistics Estonia, May 2007 industrial production in Estonia continued to grow, but at a decreasing rate, prompting fears that the economy could be slowing down.
Seasonally adjusted monthly industrial production in Estonia increased by just 1%.
Compared to May 2006, industrial production increased 6% in industry as a whole and 5% in manufacturing. Most countries would be satisfied with such figures, but with the Estonian economy used to far greater jumps - even at the beginning of the year, industrial production as a whole increased by around 9% - it does seem that growth could be approaching a peak.
In May 2007 compared to May in the previous year, the production of food, electrical machinery and building materials contributed to the increase in the production of manufacturing. In the case of building materials and chemical products the growth was mainly influenced by the increase in domestic production in connection with the continued rapid growth in the construction sector.
Electrical machinery also contributed strongly in both the domestic and export markets, recording an impressive 53 per cent growth figure.
In contrast, production in the timber and metal industries was down on last year's figures, due to the lack of raw materials and the stabilisation of output in comparison with the rapid growth during recent years.
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