Estonia: Industrial activity records largest decrease in two years in November
Industrial output nosedived 12.2% year on year in seasonally and calendar-adjusted terms in November, which was a deterioration from October’s 5.9% decrease. November’s figure marked the worst reading since May 2020. Looking at the details of the release, the deceleration was broad-based. However, the manufacturing sector registered the steepest drop, more than doubling Octobers fall. Wood production—which accounts for 20% of manufacturing output—saw the biggest contraction. In addition, mining output shrank by a whopping 11.2%, down from Octobers minus 0.4%.
On a monthly basis, industrial output dropped 3.7% in seasonally adjusted terms in November, which was significantly below Octobers 1.0% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.5% in November, contrasting October’s plus 1.2% reading.