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Estonia Industrial production May 2024

Estonia: Industrial output dips in May

Industrial output dropped 1.2% year-on-year in seasonally and calendar adjusted terms in May, which contrasted April’s 2.5% increase. Looking at the details of the release, mining and quarrying output swung to contraction, while manufacturing output fell at a more moderate rate in May.

On a seasonally adjusted monthly basis, factory output rebounded, rising 3.8% in May (April: -1.6% mom), the best result since December 2023. Meanwhile, the trend improved notably, with the annual average variation of industrial production coming in at minus 8.7%, up from April’s minus 10.0%.

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