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Statistics: Industrial production down nearly 6 percent in November

Power station chimneys.
Power station chimneys. Source: Sergei Stepanov/ERR

Total production of industrial enterprises in Estonia fell on year to November by 5.8 percent at constant prices, state agency Statistics Estonia reports.

Output fell in all three sectors, electricity production (where it fell by 10.8 percent on year), manufacturing (whose output fell by 5.4 percent) and in mining (down by 2.4 percent).

Helle Bunder, leading analyst at Statistics Estonia, said: "In November 2023, the volume of industrial production1 decreased in most manufacturing activities," despite the decline in the volume of manufacturing production in November being less substantial than in the previous months of 2023, due to the low reference base,

In November, a rise in production was posted in the manufacture of motor vehicles, trailers and semi-trailers (up by 17.4 percent), the manufacture of shale oil (which rose by 30.2 percent), and also in the repair and installation of machinery and equipment (a 79.4 percent rise).

The manufacture of electronic products remained almost at the same level as it had in November 2022, after a rise of 0.3 percent on year to November 2023.

Among the more significant industries, output fell in the manufacture of wooden items (which fell by 11.7 percent), electrical equipment (down by 22.3 percent), fabricated metal products (down 8.4 percent), and food products (7.7 percent).

Volume and index trends in production. Source: Statistics Estonia

On year to November 2023, the sales of manufacturing production2 fell by 8.2 percent at current prices according to working-day adjusted data.

Domestic sales fell by 9.0 percent; export sales by 7.6 percent, over that period.

A total of 66.6 percent of the total production of manufacturing was exported.

Between October and November 2023, the seasonally adjusted total industrial production rose by 2.6 percent, while the production of manufacturing went up by 2.3 percent on month.

As for energy production, the volume of electricity production (expressed in megawatt-hours) fell by 34.1 percent on year to November 2023, while the production of heat, referring to district heating, rose by 9.1 percent over the year.

Changes in volume and index trends in production. Source: Statistics Estonia

1 Volume index of industrial production – an index which 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 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 conducted the above survey on behalf of the Ministry of Economic Affairs and Communications.

More detailed information is available from Statistics Estonia's website here, here and here.

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Editor: Andrew Whyte

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