Estonia Industrial production November 2020

Estonia

Estonia: Industrial production swings back to decline in November

January 6, 2021

Industrial output dipped 1.6% year-on-year in calendar-day adjusted terms in November, swinging back to contraction after October broke a streak of seven successive months of tumbling production (October: +1.5% yoy).

November’s reading was primarily driven by declining manufacturing production, which had expanded in the previous month. Meanwhile, mining and quarrying output rebounded in November.

On a monthly seasonally-adjusted basis, factory output slipped 1.5% in November, contrasting October’s 2.6% increase. Lastly, the trend improved, with the annual average variation in industrial production coming in at minus 5.6%, up from minus 5.9% in October.

FocusEconomics panelists expect industrial production to increase 4.4% in 2021, which is down 0.2 percentage points, from last month’s projection. For 2022, industrial output is seen increasing 4.2%.


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Estonia Industry November 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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