Estonia Industrial production July 2020


Estonia: Decline in industrial activity softens in July

August 31, 2020

Industrial output declined 0.4% year-on-year in seasonally- and calendar-adjusted terms in July, which was markedly softer than June's 5.2% decrease.

July's smaller drop was largely due to a weaker contraction in manufacturing output and a rebound in mining and quarrying production. Meanwhile, energy output lost steam compared to June.

On a monthly seasonally-adjusted basis, factory output rose 2.8% in July, much softer than June’s 7.7% surge. Lastly, the trend improved slightly, with the annual variation of industrial production coming in at minus 5.9%, up from June’s minus 6.1% reading.

FocusEconomics panelists expect industrial production to fall 9.6% in 2020, which is up 2.1 percentage points from last month’s projection. In 2021, industrial output is seen increasing 7.4%.


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Estonia Industrial production Chart

Estonia Industry July 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Estonia and FocusEconomics Consensus Forecast.

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