Estonia Industrial production October 2020

Estonia

Estonia: Industrial production increases for the first time in eight months in October

December 1, 2020

Industrial output rose 1.0% year-on-year in calendar-day adjusted terms in October, rebounding from September’s 2.4% fall and breaking a streak of seven consecutive months of tumbling production.

October’s reading was primarily driven by a rebound in manufacturing production, which had been contracting for an entire year. Moreover, the mining and quarrying sector contracted at a softer pace compared to September.

On a monthly seasonally-adjusted basis, factory output climbed 2.3% in October, quickening from September’s 1.4% rise. Lastly, the trend improved, with the annual average variation of industrial production coming in at minus 6.0%, up from minus 6.4% in September.

FocusEconomics panelists expect industrial production to increase 6.4% in 2021, which is down 0.3 percentage points, from last month’s projection. For 2022, industrial output is seen increasing 4.6%.


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Estonia Industry October 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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