Estonia Industry June 2019

Estonia

Estonia: Industrial production falls at the sharpest rate in over three years in June

July 31, 2019

Industrial output fell 3.8% in annual working-day adjusted terms in June, contrasting a 1.2% year-on-year increase in May. June’s reading marked the worst result since December 2015 and chiefly reflected a profound slump in mining as well as energy production.

Meanwhile, manufacturing output expanded slightly in June, softening the overall decline somewhat, thanks to booming production of computers, electronic and optical products, as well as a jump in the manufacture of machinery and equipment.

On a seasonally-adjusted month-on-month basis, industrial production slumped 5.7% in June, the worst result in over five years, following a mild 0.3% increase in May. Meanwhile, annual average growth in industrial output fell to a one-year low of 2.9% in June, from 3.3% in May.

FocusEconomics Consensus Forecast participants see industrial output expanding 3.3% in 2019, down 0.3 percentage points from last month’s estimate. In 2020, industrial production is expected to grow 2.8%.


Author:, Economist

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Estonia Industry June 2019

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


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