Estonia Industry October 2019


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.

FocusEconomics Consensus Forecast participants see industrial output expanding 2.4% in 2020, down 0.1 percentage points from last month’s estimate. In 2021, industrial production is expected to grow 3.7%.

Author:, Economist

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Estonia Industry Chart

Estonia Industry October 2019

Note: Year-on-year changes and annual average variation of industrial production in %
Source: Statistics Estonia and FocusEconomics calculations.

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