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%.