Statistics: Industrial production down 12 percent on year to November
The total production of industrial enterprises fell by 12.2 percent at constant prices on year to November 2022, state agency Statistics Estonia says. This represented a deepening of an existing trend.
Output fell in all three sectors – by 3.6 percent in electricity production, by 13.1 percent in manufacturing and by 11.1 percent in mining, the agency says.
Helle Bunder, leading analyst at Statistics Estonia, said that: "Among the activities with larger shares, the biggest fall (22.4 percent) was seen in the manufacture of wooden items, which contributes a fifth of total manufacturing production," adding there was a widespread decline in the volume of industrial production1 across manufacturing activities.
Among the larger sectors, there was a more modest decline in the manufacture of electronic equipment (which contracted by 4.6 percent), of fabricated metal products (by 4.5 percent) and of food products (3.5 percent).
Growth in production volume was recorded only in a few less significant activities, such as the manufacture of clothing apparel (up by 17.5 percent).
The sales of manufacturing production2 increased by 1.5 percent at current prices according to working-day adjusted data, on year to November 2022, Statistics Estonia says.
Domestic sales grew by 4.0 percent. Export sales remained at the same level.
A total of 66.9 percent of the entire production of manufacturing was sold on the external market, the agency says.
On month, between October and November 2022, the seasonally adjusted total industrial production fell by 3.8 percent, while the production of manufacturing decreased by 5.1 percent, Statistics Estonia says.
In energy production, compared with November 2021, the volume of electricity production (in megawatt-hours) fell by 1.1 percent, while the production of heat (referring to district heating plants servicing residential areas and often natural gas-powered) fell by 5.7 percent on year (at a time of soaring natural gas prices, up to that point.)
Industry is the largest sector of the economy and an important driver of economic growth, Statistics Estonia says.
Indices of industrial production cover the economic indicators of three industrial activities: mining, energy production, and manufacturing.
Statistics Estonia conducted the above research on behalf of the Ministry of Economic Affairs and Communications.
More detailed information is here, here and here.
1 The Volume index of industrial production is an index that expresses the change in the volume of industrial production at constant prices compared with the base period. The producer price index is used for calculating the production values at constant prices.
2 The Value index of industrial sales is an index which expresses the change in the value of sold industrial production at current prices compared with the base period.
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Editor: Andrew Whyte