Estonia: Industrial production growth loses pace in September

According to Statistics Estonia, annual industrial output growth decelerated to 2.3% in working day-adjusted terms in September, from 5.8% in August. The slowdown was broad-based with weaker output growth recorded across both the energy and manufacturing sectors. In addition, mining production continued to contract at a double digit pace in September, deteriorating further from August’s poor showing.

On a seasonally-adjusted month-on-month basis, industrial production fell 1.1% in September, swinging from a 1.4% expansion in August. Meanwhile, the annual average growth in industrial production remained stable for the third consecutive month at 4.3% in September.

Estonia Industrial Production Forecast

FocusEconomics Consensus Forecast panelists see industrial output expanding 4.2% in 2019, which is unchanged from last month’s estimate. In 2020, industrial production is expected to grow 4.4%.