Estonia Industrial Production August 2022

Estonia

Estonia: Industrial output rebounds in August

October 3, 2022

Industrial production grew 0.8% year on year in seasonally and calendar-adjusted terms in August (July: -6.5% ). August's reading was partly due to a rebound in mining and quarrying output. In addition, manufacturing production fell at a softer pace.

On a seasonally adjusted monthly basis, factory output rebounded, rising 5.0% in August (July: -7.5% mom), the best result since March. Meanwhile, annual average industrial production growth fell to 3.5% in August (July: +3.8%). This signals a worsening trend in the industrial sector.

Our panelists project industrial production to expand 2.0% in 2022, which is down 0.5 percentage points from last month’s forecast, and shrink by -0.1% in 2023.


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Estonia Industry August 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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