Estonia Industrial Production October 2021

Estonia

Estonia: Industrial output growth dips in October

December 1, 2021

Industrial output grew 2.8% year-on-year in seasonally- and calendar-adjusted terms in October, which was a deterioration from September's 8.5% increase. October's figure marked the worst reading since March. Looking at the details of the release, manufacturing output grew at a softer rate in October, and the drop in mining and quarrying output worsened. That said, the reading was weighed down by a less favorable base.

On a monthly basis, industrial output decreased 2.4% in seasonally-adjusted terms in October, contrasting September’s 4.9% expansion. Meanwhile, the trend improved slightly, with the annual average growth of industrial production coming in at plus 5.1% in October, up from September's 5.0% reading.

FocusEconomics panelists expect industrial production to increase 4.6% in 2022, which is up 0.3 percentage points from last month’s projection. For 2023, industrial output is seen increasing 3.7%.


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Estonia Industry October 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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