Industrial production in Estonia in February was broadly unchanged from the previous month, according to figures published by Statistics Estonia today (March 31st).

However, the timber industry once again recorded strong year-on-year growth, helping to drive the annual gain.

When compared to February 2013, manufacturing activity was up by three per cent and it was the manufacture of wood and wood products, electrical equipment and food products that propelled the figure higher.

Over the course of the month, 71 per cent of the country's production was exported to be sold on the international market. This represents a reduction of four per cent annually and there was a three per cent drop in domestic sales.

The decreases were largely as a result of lower transactions relating to refined petroleum, chemical and metal products.

Although there was a decline in the timber industry's output when compared to January, strong year-on-year growth was recorded.

When comparing unadjusted data, the manufacture of wood and wood products was up by 3.1 per cent annually in February and this advance rises to 5.1 per cent when the data is adjusted for the number of working days. Equivalent data from Latvia is set to be released later this week.

It was also announced today that the data gathered by the country's statistical office is compliant with eurozone requirements.

Following a three-day assessment of the systems utilised in Latvia, Paul Schreyer - deputy director of Statistics Directorate - and Julien Dupont, a legal expert from the Organisation for Economic Co-operation and Development (OECD), approved the country's processes.

Mr Schreyer explained: "It is clear that Latvia is fully integrated into European Statistical System. This means that it is very close to international standards and therefore also to requirements that the OECD has. In a number of areas Latvia’s statistics have been reviewed by Eurostat and we can build on that."

Furthermore, the statistics chief said he had recognised a number of institutional practices during his visit that many other countries may wish to adopt. In addition, he encouraged Latvia's Central Statistics Bureau (CSB) to take the opportunity to engage widely with the statistical community following the country's adoption of the euro at the beginning of the year.

During the trip, the OECD experts monitored the CSB's preparation, processing and dissemination of statistical data. The body is responsible for producing the monthly figures relating to the country's industrial production, economic growth and inflation, among other data sets.

In addition, the contributions from the Bank of Latvia, the government's ministry of finance and Capital Market Commission were also assessed, as these institutions provide much of the data analysed.

The OECD will visit again in December and is expected to announce a decision on Latvia's accession to the organisation following its Statistics Committee meeting scheduled for June 2015.

Source: HD Fest Forest

Posted and edited by  Hanbao News Department

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