Industrial Production in Estonia
Estonia recorded an average industrial production growth rate of 3.6% in the decade to 2022, above the 1.1% average for the Euro Area. In 2022, industrial production growth was -2.1%. For more industry information, visit our dedicated page.
Estonia Industry Chart
Estonia Industry Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | 4.8 | 6.9 | -3.0 | 13.3 | 1.8 |
Industrial activity contracts at sharper pace in December
Industrial output decreased 7.3% year on year in seasonally and calendar adjusted terms in December, which was a deterioration from November's 5.8% decrease. Looking at the details of the release, manufacturing production dropped at a softer pace in December, while the decline in mining and quarrying output worsened. On a seasonally adjusted monthly basis, industrial production rose at a faster rate of 5.3% in December (November: +2.7% mom), the best result since January 2021. Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 10.9%, up from November's minus 11.5%.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Estonian industry projections for the next ten years from a panel of 2 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Estonian industry.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Estonian industry projections.
Want to get access to the full dataset of Estonian industry forecasts? Send an email to info@focus-economics.com.
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