Estonia: Decline in industrial activity softens in December
Industrial output slid 11.5% year on year in seasonally and calendar-adjusted terms in December, which was a smaller drop than November’s 12.2% decrease. December’s smaller drop was partly driven by a weaker contraction in manufacturing production, although it still continued to contract at a pronounced pace.
On a seasonally adjusted monthly basis, industrial production rebounded, rising 2.0% in December (November: -3.8% mom).
Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over one-year low of minus 2.0% in December, down from November’s minus 0.5%.