Estonia Industrial production August 2020

Estonia

Estonia: Industrial production falls for sixth successive month in August

September 30, 2020

Industrial output dropped 5.4% year-on-year in calendar day-adjusted terms in August, which was greater than July’s 0.3% dip. The result marked the sixth consecutive month of declining output.

August’s steeper fall was primarily driven by a sharper contraction of manufacturing output. Meanwhile, mining and quarrying production picked up pace compared to July.

On a monthly seasonally-adjusted basis, factory output declined 2.1% in August, contrasting July’s 2.5% climb. Lastly, the trend deteriorated, with the annual variation of industrial production coming in at minus 6.4%, down from July’s minus 5.9% reading.

FocusEconomics panelists expect industrial production to fall 9.6% in 2020. For 2021, industrial output is seen increasing 6.4%, which is down 1 percentage points from last month’s projection.


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Estonia Industry August 20 20

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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