Statistics: Industrial output down 12.7 percent on year to May 2023

Manufactoring in progress.
Manufactoring in progress. Source: ERR

According to data provided by Statistics Estonia, in May 2023, the total production of industrial enterprises was down by 12.7 percent on year at constant prices.

Output declined in two of Estonia's three main industrial sectors. It was down by 31.5 percent in electricity production and 13.1 percent in manufacturing. In mining, output increased by 36.3 percent.

Helle Bunder, leading analyst at Statistics Estonia, said that, in May, the volume of industrial production1 fell in most manufacturing activities.

Of the activities with larger market shares, there were rises only in the production of shale oil (17.6 percent), the manufacturing of motor vehicles, trailers and semi-trailers (10.0 percent), and the manufacturing of beverages (7.9 percent).

"Among the larger industries, output decreased in the manufacturing of wood (20.3 percent), electrical equipment (11.9 percent), fabricated metal products (12.4 percent), and electronic products (14.6 percent). There was also a slight fall also in the manufacturing of food products (1.4 percent)," explained Bunder.

The rise in the output of the mining sector was due to the increased extraction of peat in May, as a result of favorable weather conditions, which allowed the season to begin sooner.

The volume index and trend of production in manufacturing. Source: Statistics Estonia

According to working-day adjusted data, in May 2023, the sales of manufacturing production2 decreased by 11.6 percent at current prices compared to May 2022.

Domestic sales fell by 10.7 percent and export sales dropped by 12.2 percent on year to May 2023.

65.9 percent of the total production of manufacturing was sold to the external market.

From April to May 2023, the seasonally adjusted total level of industrial production increased by 2.2 percent and manufacturing production by 0.2 percent.

As regards energy production, the volume of electricity production (in megawatt-hours) decreased by 43.5 percent, while heat production fell by 15.3 percent when compared to the figures from May 2022.

Change in volume index of industrial production. Source: Statistics Estonia

The index of industrial production covers 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.

(1) Volume index of industrial production – 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) Value index of industrial sales – an index that expresses the change in the value of sold industrial production at current prices compared with the base period.

More information can be found here, here and here.


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Editor: Michael Cole

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