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Estonia Industrial production November 2023

Estonia: Decline in industrial activity softens in November

Industrial output dropped 5.9% year on year in seasonally and calendar-adjusted terms in November, which followed October’s 10.0% decrease. The figure marked the highest reading since January. Looking at the details of the release, manufacturing output shrank at a softer pace in November, while mining and quarrying output swung to contraction.

On a monthly basis, industrial output grew 2.7% in seasonally adjusted terms in November, contrasting October’s 0.5% fall and marking the best result since August 2022. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 11.5% in November, up from October’s minus 12.0%.

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