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Estonia Industry December 2019

Estonia: Contraction in industrial output hits 10-year high in December

Industrial output plummeted 10.0% in annual working-day-adjusted terms in December, deteriorating from the 7.3% year-on-year contraction recorded in November. December’s result marked the seventh consecutive month of contraction as well as the sharpest drop in industrial output since November 2009. The downturn was broad-based: The all-important mining sector contracted for a second consecutive month while both mining and energy production continued to shrink at a drastic pace.

On a seasonally-adjusted month-on-month basis, industrial production fell 2.4% in December, contrasting November’s 0.8% uptick. Meanwhile, the average annual variation in industrial output slumped to an over nine-year low of minus 1.9% in December, down from the 0.6% fall in the previous month.

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