Estonia Industrial production May 2020

Estonia

Estonia: Industrial output contacts at sharpest rate since October 2009 in May

June 30, 2020

Industrial output slid 17.7% year-on-year in seasonally- and calendar-adjusted in May (April: -17.0%), according to data released by Statistics Estonia. May's reading marked the steepest drop since October 2009.

The figure was largely due to a pronounced drop in manufacturing output which fell at the sharpest pace in over a decade. In contrast, mining and quarrying production fell at a softer, albeit still considerable, pace in May.

On a monthly basis, industrial output inched down 0.2% in May, improving significantly from April's minus 8.4% drop. Meanwhile, the trend deteriorated, with the annual average variation of industrial production coming in at minus 5.7% in May, down from April's minus 4.0%.

FocusEconomics Consensus Forecast participants see industrial output contracting 10.5% in 2020, which is up 1.8 percentage points from last month’s estimate. In 2021, industrial production is expected to grow 6.4%.


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Estonia Industry May 20 20

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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