Estonia Industrial Production May 2022

Estonia

Estonia: Industrial output growth improves in May

July 4, 2022

Industrial output rose 4.8% year-on-year in seasonally- and calendar-adjusted terms in May, which was above April's 4.0% increase. Looking at the details of the release, manufacturing production slowed in May, while mining and quarrying output gathered steam.

On a monthly basis, industrial production decreased 0.3% in seasonally-adjusted terms in May, contrasting April’s 0.8% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 5.8% in May, down from April's 6.8%.

Our panelists project industrial production to expand 2.5% in 2022, which is up 0.3 percentage points from last month’s forecast, and 3.5% in 2023.


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Estonia Industry May 2022 0

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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