Estonia: Industrial output contracts at sharpest rate in nine months
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%.