Estonia: Industrial output dives in September
October 31, 2019
Industrial output slumped 4.8% in annual working-day adjusted terms in September, following a milder 2.8% year-on-year contraction in August (previously reported: -2.5% year-on-year). September’s result, which marked the fourth consecutive monthly contraction, largely reflected yet another drastic fall in mining as well as energy production.
Meanwhile, the all-important manufacturing sector slipped into contractionary territory in September, contrasting a moderate expansion in August. The downturn largely reflected shrinking production of furniture, fabricated metal products and chemical products which more than offset soaring production of computers, electronic and optical products.
On a seasonally-adjusted month-on-month basis, industrial production fell 1.5% in September, contrasting the 3.6% increase in August. Meanwhile, annual average growth in industrial output fell to a near three-year low of 0.9% in September, from 1.5% in August.
Author: Almanas Stanapedis, Economist