Estonia Industrial Production May 2021

Estonia

Estonia: Industrial output growth moderates in May

July 8, 2021

Industrial output grew 15.9% year-on-year in seasonally- and calendar-adjusted terms in May, moderating from April's 16.8% increase. Looking at the details of the release, a sharper contraction in mining and quarrying output seemingly offset a slightly quicker rise in manufacturing.

On a seasonally-adjusted and month-on-month basis, industrial production fell 1.6% in May (April: +4.4%). Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at plus 1.8%, contrasting April's minus 1.0%.

FocusEconomics panelists expect industrial production to increase 4.6% in 2021, which is down 2 percentage points from last month’s projection. For 2022, industrial output is seen increasing 3.9%.


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Estonia Industrial Production Chart


Estonia Industry May 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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