Estonia Industrial Production April 2021

Estonia

Estonia: Industrial output grows at fastest pace in over two years in April amid favorable base effect

June 8, 2021

Industrial output expanded 16.8% year-on-year in calendar-adjusted terms in April, which followed March's 1.6% increase, benefitting from a substantial low base effect. The reading marked the best result since January 2019. Looking at the details of the release, manufacturing production soared in April, and mining and quarrying output decreased at a milder pace.

On a month-on-month basis, factory output increased 4.4% in April, contrasting March’s 1.7% fall and marking the best result since June 2020. Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at minus 1.0% in April, up from March's minus 3.9%.

FocusEconomics panelists expect industrial production to increase 6.6% in 2021, which is up 1.0 percentage point from last month’s projection. For 2022, industrial output is seen increasing 4.5%.


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Estonia Industry April 2021

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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