Estonia Industrial Production March 2022


Estonia: Industrial output growth rises in March

May 3, 2022

Industrial output expanded 7.9% year-on-year in seasonally- and calendar-adjusted terms in March, which followed February's 1.7% increase. The notable upturn was primarily due to pickups in manufacturing and mining and quarrying output.

On a seasonally-adjusted monthly basis, factory output rose 5.1% in March (February: -0.4%), marking the best figure since June 2020. Meanwhile, annual average industrial production growth rose to 7.8% in March, up from February’s +7.3%. This signals an improving trend in the industrial sector.

Our panelists project industrial production to expand 2.5% in 2022, which is down 1.1 percentage points from last month’s forecast, and 3.7% in 2023.


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Estonia Industrial Production Chart

Estonia Industry March 2022

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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