Estonia Industrial Production March 2021

Estonia

Estonia: Industrial output rebounds in March

May 10, 2021

Industrial output rose 2.0% in March in year-on-year calendar-adjusted terms, contrasting February’s 5.4% contraction. March’s bounce back was mainly driven by a strong rebound in manufacturing output, which marked the fastest growth in 13 months, while the mining sector contracted at a somewhat softer pace.

In month-on-month seasonally-adjusted terms, factory output dropped 1.4% in March (February: -0.1% mom sa). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 3.8%, up from February’s minus 4.8%.

FocusEconomics panelists expect industrial production to increase 5.6% in 2021, which is up 1.6 percentage points from last month’s projection. For 2022, industrial output is seen increasing 4.6%.


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Estonia Industry March 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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