Estonia Industrial Production August 2021

Estonia

Estonia: Industrial output records lowest expansion since March in August

October 1, 2021

Industrial output grew 4.4% year-on-year in seasonally- and calendar-adjusted terms in August, which followed July's 9.3% increase. August's figure marked the worst reading since March. Looking at the details of the release, manufacturing output increased in August, while mining and quarrying output swung to contraction.

On a seasonally-adjusted monthly basis, factory output fell at a sharper rate of 4.1% in August (July: -0.2% mom), the worst result since April 2020. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at 4.2% in August, up from July's 3.4% reading.

FocusEconomics panelists expect industrial production to increase 6.0% in 2021, which is up 2.4 percentage points from last month’s projection. For 2022, industrial output is seen increasing 4.4%, which is up 2.4 percentage points from the previous month’s forecast.


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Estonia Industry August 2021 2

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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