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Estonia Industrial production July 2022

Estonia: Industrial activity falls at sharpest pace since May 2020 in July

Industrial output collapsed 6.4% year on year in seasonally- and calendar-adjusted terms in July, which was down from June’s flat result and marked the worst reading since May 2020. The reading was largely due to a sharper contraction in manufacturing production: It fell at the quickest pace since February 2021. In addition, mining and quarrying production contracted heavily. Only electricity production registered growth in July.

On a monthly basis, industrial production plummeted 7.4% in seasonally-adjusted terms in July, which was well greater than June’s 2.1% fall and marked the worst result since April 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 3.8% in July, down from June’s 5.0%.

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