Estonia Industry March 2018


Estonia: Industrial production growth at a nine-month high in March

April 30, 2018

According to Statistics Estonia, industrial production growth surged to a nine-month high of 7.6% in annual terms in March. The result contrasted a subdued performance in the previous month, when growth came in at a revised 3.0% (previously reported: +1.8% year-on-year). The acceleration in industrial production growth came on the back of an impressive jump in energy production, which jumped 23.0% year-on-year in March. Meanwhile, the manufacturing sector expanded moderately in annual terms in March, as solid increases in the manufacture of machinery and equipment, and computer, electronic and optical products were met with double-digit declines in the manufacture of textiles and furniture.

Looking at seasonally-adjusted month-on-month data, industrial production growth reversed the previous month’s decline (February: -2.6% month-on-month) to come in at 4.1% in March. The print marked the strongest monthly expansion since January 2017. Meanwhile, the annual average variation in industrial production dropped from 7.4% in February to 7.0% in March.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 4.7% in 2018, which is up 0.7 percentage points from last month’s projection. The panel sees industrial production increasing 4.3% in 2019.

Author:, Research Team Manager

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Estonia Industry Chart

Estonia Industry March 2018

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

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