Estonia Industrial Production September 2022

Estonia

Estonia: Industrial activity records largest decline in two years in September

November 1, 2022

Industrial output sank 7.5% year-on-year in seasonally and calendar-adjusted terms in September, which contrasted August's 0.7% increase. September's figure marked the worst reading since May 2020. The figure was largely driven by a deterioration in manufacturing production, as it recorded the weakest reading since February 2021. In addition, mining and quarrying output weakened.

On a monthly basis, industrial production fell 3.6% in seasonally adjusted terms in September, contrasting August’s 5.1% expansion. Meanwhile, annual average industrial production growth fell to 2.1% in September (August: +3.4%). This signals a worsening trend in the industrial sector.

Our panelists project industrial production to shrink 1.1% in 2023, which is down 1.0 percentage points from last month’s forecast, and expand by 2.1% in 2024.


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Estonia Industry September 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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