Estonia Industrial Production October 2022

Estonia

Estonia: Industrial activity improves in October

December 1, 2022

Industrial output fell 5.8% year on year in seasonally and calendar-adjusted terms in October (September: -7.9% ). The smaller drop largely reflected less pronounced contractions in manufacturing and mining and quarrying output.

On a monthly basis, industrial output decreased 0.9% in seasonally adjusted terms in October, moderating notably from September’s 3.7% fall. Meanwhile, annual average industrial production growth fell to 1.2% in October (September: +2.0%), which marked an over one-year low.

Our panelists project industrial production to shrink 2.1% in 2023, which is down 1 percentage points from last month’s forecast, and expand by 1.8% in 2024.


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Estonia Industry October 2022

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Estonia and FocusEconomics Consensus Forecast.


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