Statistics: Growth of industrial production came to a halt in June
The total production of industrial enterprises barely grew in June compared with the same month in 2021, state agency Statistics Estonia says, rising by just 0.4 percent at constant prices during that period.
This was an improvement on the worst of the Covid pandemic, however.
Helle Bunder Statistics Estonia analyst, said that: "Manufacturing output last declined at the start of the coronavirus pandemic in 2020."
In two of the three core sectors – mining and electricity production – production grew, by 28.9 percent and 18.4 percent respectively.
However, in the third, manufacturing, it fell on year to June 2022, by 2.5 percent.
More broadly, production volumes fell in half of all manufacturing activity sectors, and the volumes of several larger activities have also fallen, in June this year.
Output fell in the manufacture of fabricated metal products (by 7.6 percent on year to June 2022), building materials (by 5.5 percent), food products (by 1.7 percent), and in the wood and timber sector (8.1 percent).
However, among the
activities with the largest shares, an increase in production in the manufacture of electronic products (by 6.2 percent on year to June 2022) and shale oil (by 15.9 percent) was observed.
Industrial production statistics to June 2022, quick facts:
- 68.5 percent of the total production of manufacturing sold on the external market.
- Share of export sales highest in manufacture of computers and electronic products.
- Export sales of manufacturing production increased by 25.4 percent (unadjusted data).
- Domestic sales rose by 19.5 percent at current prices (unadjusted data).
- Volume of electricity production (in MWh) rose by 36.7 percent.
- Production of heat (hot water piped to many apartment buildings for winter heating – ed.) fell by 4.5 percent (MWh).
Additionally, between May and June 2022, the seasonally-adjusted total industrial production fell by 1.6 percent; the production of manufacturing by 3.8 percent.
Industry is the largest sector of the economy and an important driver of economic growth, Statistics Estonia says, the agency conducts its "Production indices" report on behalf of the Ministry of Economic Affairs and Communications, with the aim of determining the current economic situation in Estonia.
Additional information is here, here and here.
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Editor: Andrew Whyte