Estonia: Industrial output in February records worst reading since February 2021
Industrial output grew 1.7% year-on-year in seasonally- and calendar-adjusted terms in February (January: +2.4%). The outturn marked the lowest reading since February 2021. Looking at the details of the release, manufacturing production accelerated in February, while mining and quarrying output swung to contraction.
On a seasonally-adjusted monthly basis, industrial production fell at a more moderate rate of 0.5% in February (January: -5.3% mom). Meanwhile, annual average industrial production growth rose to 7.3% in February (January: +6.7%), signaling an improving trend in the industrial sector.