Statistics: Industrial output in Estonia fell nearly 12 percent in August

Industrial production.
Industrial production. Source: Siim Lõvi/ERR

The total production of industrial enterprises in Estonia fell by 11.9 percent at constant prices on year to August, state agency Statistics Estonia reports.

Output fell in all three sectors: By 26.2 percent in electricity production, by 9.3 percent in manufacturing and by 41.5 percent in mining, Statistics Estonia says.

Commenting on the results, Helle Bunder, leading analyst at Statistics Estonia, said: "Of the activities with larger shares, only the production of shale oil rose, by 22.0 percent."

Among the more significant industrial sectors, output fell with electronic products (by 18.9 percent), in the manufacture of wooden items (by 15.8 percent), in fabricated metal products (by 8.1 percent), for electrical equipment (7.2 percent), and with food products (7.1 percent).  

Statistics Estonia says that in August, the volume of industrial production1 fell across most of the manufacturing activities. This has been the prevailing trend this year.

The volume of industrial production also fell in the previous months of 2023.

Volume Index Trend of Production in Manufacturing. Source: Statistics Estonia

In August 2023, compared with August 2022, sales of manufacturing production2 fell by 9.2 percent at current prices, according to working-day adjusted data.

Domestic sales fell by 6.7 percent and export sales by 10.9 percent over the year to August, Statistics Estonia says.

A total of 64.6 percent of the total production of manufacturing was sold on the external markets.

Between July and August this year, seasonally adjusted total industrial production increased by 2.2 percent; the production output of manufacturing rose by 1.9 percent, over the same time-frame.

In energy production, compared with August 2022, the volume of electricity production (in megawatt-hours) decreased by 39.8 percent and the production of heat by 3.1 percent.

Changes in Volume Index of Production in Manufacturing. Source: Statistics Estonia

1 Statistics Estonia defines volume index of industrial production as an index which expresses changes in the volume of industrial production at constant prices, compared with the base period. The producer price index is utilized for calculating the production values at constant prices.

2 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.

Industry is the largest sector of the economy and an important driver of economic growth, Statistics Estonia says.

The index of industrial production covers the economic indicators of three industrial activities: Mining, energy production, and manufacturing.

Statistics Estonia compiled the above survey on behalf of the Ministry of Economic Affairs and Communications with the aim to determine the economic situation in Estonia.

More detailed information from Statistics Estonia can be viewed here, here and here.

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Editor: Andrew Whyte

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