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.
Author: Almanas Stanapedis, Economist