Estonia: Decline in industrial activity softens in July
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.