Estonia: Industrial production slumps at the sharpest rate in nearly four years in July
Industrial output fell 5.3% in annual working-day adjusted terms in July, compared to a slightly softer 3.8% year-on-year (previously reported: +3.2%) dip in June. July’s reading marked the worst result since December 2015 and reflected a drastic slump in mining as well as energy production.
Meanwhile, manufacturing output continued to expand moderately in July, softening the overall decline. Manufacturing production growth was led by robust production of food products as well as of computers, electronic and optical products.
On a seasonally-adjusted month-on-month basis, industrial production slumped 2.9% in June, following the 5.3% contraction in July, which had marked the worst result in over five years. Meanwhile, annual average growth in industrial output fell to an over two-year low of 2.2% in July, from 2.9% in June.