Estonia: Industrial output continues to decline in October
December 3, 2019
Industrial output slumped 3.9% in annual working-day adjusted terms in October, following a sharper 4.4% year-on-year contraction in October. October’s result, which marked the fifth consecutive month of contraction, reflected yet another drastic slump in mining as well as energy production.
Meanwhile, activity in the all-important manufacturing sector rebounded marginally from a slight contraction in September. The upturn largely reflected healthy growth in the production of food products as well as computers, electronic and optical products. Notably, production of machinery and equipment, motor vehicles, and furniture continued to decrease at a sharp rate in October.
On a seasonally-adjusted month-on-month basis, industrial production rose 0.6% in October, rebounding from September’s 1.5% contraction. Meanwhile, annual average growth in industrial output slumped to a near three-year low of 0.8% in October, from 1.3% in September.
Author: Almanas Stanapedis, Economist