Estonia Industrial Production February 2021

Estonia

Estonia: Industrial output contracts at sharpest rate in nine months

April 9, 2021

Industrial output plummeted 8.9% in February in year-on-year calendar-adjusted terms, following January’s 0.2% contraction. February’s downturn was mainly driven by a nosedive in both mining and manufacturing output. That said, energy output grew at a faster pace in February compared month prior, softening the downturn somewhat.

In month-on-month seasonally-adjusted terms, factory output rebounded 0.1% in February (January: -2.6% mom sa). Meanwhile, the trend worsened, with the annual average variation of industrial production coming in at minus 5.3%, down from January’s minus 4.2%.

FocusEconomics panelists expect industrial production to increase 4.0% in 2021, which is down 2.9 percentage points from last month’s projection. For 2022, industrial output is seen increasing 4.8%.


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