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%.