Statistics: Decline in industrial production continued in July
The total production of industrial enterprises fell by 5.8 percent at constant prices on year to July, state agency Statistics Estonia has reported.
Among the three main sectors, output rose by 16.9 percent in mining and by 16.3 percent in electricity production, although it fell by 7.8 percent in manufacturing on year to July.
Industry is the largest sector of the economy and an important driver of economic growth.
The index of industrial production covers the economic indicators of three industrial activities: mining, energy production, and manufacturing.
Helle Bunder, leading analyst at Statistics Estonia, said: "Looking at the larger industries, output decreased in the manufacture of wood (7.1 percent), electrical equipment (5.6 percent), and computers and electronic products (19.8 percent)."
"There was also a slight fall in the manufacture of fabricated metal products (of 1.1 percent). On the other hand, output grew in the manufacture of food products (13.5 percent), rubber and plastic products (4.4 percent), and building materials (1.8 percent)," Bunder went on.
In July, the volume of industrial production declined in more than two thirds of the manufacturing activity areas, the agency said.
Compared with July 2023, the sales of manufacturing production fell by 6.8 percent at current prices according to working-day adjusted data. Domestic sales fell by 7.5 percent; export sales by 6.4 percent.
64.9 percent of the total output was exported.
Between June and July this year, the seasonally adjusted total industrial production fell by 4.7 percent, while the production of manufacturing by 4.3 percent.
In energy production, the volume of electricity production (in megawatt-hours) rose by 41.5 percent and the production of heat (district heating) by 4.3 percent, in July.
Volume index of industrial production is 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.
Value index of industrial sales is an index that expresses the change in the value of sold industrial production at current prices compared with the base period.
Statistics Estonia conducted the above research on behalf of the Ministry of Economic Affairs and Communications.
More detailed information from Statistics Estonia is available here, here and here.
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Editor: Andrew Whyte
