Estonia Industrial Production January 2022

Estonia

Estonia: Industrial output records slowest expansion since February 2021 in January

March 10, 2022

Industrial output grew 1.4% year-on-year in seasonally- and calendar-adjusted terms in January, which followed December's 8.2% increase. The result marked the weakest reading since February 2021. January's reading was largely due to a deterioration in manufacturing output growth. In contrast, mining and quarrying production rebounded.

On a seasonally-adjusted monthly basis, factory output nosedived 6.1% in January (December: +1.6% mom), the weakest result since April 2020. Consequently, the trend pointed down, with the annual average growth of industrial production coming in at 6.6% in January, down from December's 6.8% reading.

FocusEconomics panelists expect industrial production to increase 4.6% in 2022, which is up 0.5 percentage points from last month’s projection. For 2023, industrial output is seen increasing 3.7%.


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Estonia Industry January 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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