Estonia Industry May 2018


Estonia: Industrial production growth edges up in May

July 4, 2018

According to Statistics Estonia, annual industrial production growth slightly picked up pace in May, coming in at 3.0% year-on-year, up from April’s 22-month low of 2.2%. The improvement was driven by the manufacturing sector: Sturdy double-digit increases in the manufacture of computer, electronic and optical products; motor vehicles; machinery and equipment; and wood and wood products helped manufacturing output accelerate from 1.1% annual growth in April to a 5.3% expansion in May. In addition, the mining sector swung from a 6.0% contraction in April to a 2.4% expansion in May. Energy production, however, fell 14.1% in May, a stark contrast to the previous month’s 17.4% expansion.

On a seasonally-adjusted month-on-month basis, industrial production output contracted for the second consecutive month, falling 0.4% in May. Nevertheless, the print marked an improvement from the previous month’s 1.4% drop. Meanwhile, the annual average variation in industrial production fell from 6.0% in April to 5.2% in May, marking a 14-month low.

FocusEconomics Consensus Forecast participants see the economy growing 5.7% in 2018, which unchanged from last month’s estimate. In 2019, economic growth is expected to decelerate to 4.3%.

Author:, Research Team Manager

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Estonia Industry Chart

Estonia Industry May 2018

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

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