Estonia: Industrial output continues sliding in August
Industrial output fell 2.5% in annual working-day adjusted terms in August, compared to a sharper 5.5% year-on-year (previously reported: +5.3%) contraction in July. August’s result, which marked the third consecutive monthly contraction, chiefly reflected yet another drastic slump in mining as well as energy production.
On a slightly more positive note, manufacturing output continued to expand moderately in September, cushioning the overall decline. Manufacturing output growth was led by healthy production of food products, building materials and motor vehicles, which more than offset shrinking production of machinery and equipment.
On a seasonally-adjusted month-on-month basis, industrial production jumped 3.8% in September, contrasting the 3.1% contraction in July and marking the strongest increase in nine months. Meanwhile, annual average growth in industrial output fell to a near three-year low of 1.5% in September, from 2.2% in July.