Estonia Industrial production January 2021

Estonia

Estonia: Industrial output growth accelerates slightly in January

March 10, 2021

Industrial output increased 1.0% in January in year-on-year calendar-adjusted terms (December: +0.8% yoy ca). Looking at the details of the release, energy production led the uptick as electricity output rose by a third. However, manufacturing production contracted in January, and mining and quarrying output swung to contraction.

In month-on-month seasonally-adjusted terms, factory output fell 1.5% in January (December: +1.4% mom sa). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 4.1%, up from December's minus 4.8%.

FocusEconomics panelists expect industrial production to increase 6.9% in 2021, which is up 0.4 percentage points from last month’s projection. For 2022, industrial output is seen increasing 4.6%.


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Estonia Industry January 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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