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Estonia Industrial production March 2024

Estonia: Industrial activity records largest drop in six months in March

Industrial output nosedived 12.6% year on year in seasonally and calendar adjusted terms in March, which was a larger contraction than February’s 2.3% decrease. Looking at the details of the release, manufacturing production decreased at a sharper rate in March, and output in the electricity, gas, steam and air-conditioning supply sector swung into contraction. Meanwhile, mining and quarrying output nearly flatlined.

On a seasonally adjusted monthly basis, industrial production rose at a more moderate pace of 1.2% in March (February: +2.3% mom). Meanwhile, the trend improved slightly, with the annual average variation of industrial production coming in at minus 11.8%, up from February’s minus 12.0% reading.

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