Estonia Industrial production April 2020

Estonia

Estonia: Industrial output contacts at sharpest pace in over a decade in April

May 29, 2020

Industrial production sank 16.9% year-on-year in April (March: -8.7% yoy). April's result marked the sharpest drop since October 2009.

Looking at the details of the release, the downturn was broad-based: Manufacturing output dived at the fastest pace in over a decade, while activity in both the mining and energy sectors contracted by over a third in April.

On a seasonally-adjusted monthly basis, industrial production dropped at a slightly softer rate of 8.4% in April (March: -9.6 mom). Meanwhile, the trend pointed down, with the annual average change of industrial production coming in at minus 3.9% in April, down from March's minus 2.3% reading.

FocusEconomics Consensus Forecast participants see industrial output contracting 12.3% in 2020, which is down 1.3 percentage points which is down 4.8 percentage points from last month’s estimate. In 2021, industrial production is expected to grow 6.5%.


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