Estonia: Industrial output growth dips in October
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.