Estonia: Contraction in industrial output hits over 10-year high in January
Industrial output dived 11.2% in annual working-day-adjusted terms in January, following a 10.0% year-on-year contraction recorded in the closing month of last year. January’s result marked the eighth consecutive month of contraction and was the sharpest drop in industrial output since November 2009. The downturn was once again broad-based: The all-important manufacturing sector contracted for a third consecutive month while both mining and energy production continued to plummet sharply.
On a seasonally-adjusted month-on-month basis, industrial production fell 1.1% in the opening month of the year, softening from the 2.4% drop in December. Meanwhile, the average annual variation in industrial output slumped to an over 10-year low of minus 3.3% in January from the 1.9% fall in the previous month.