Industrial production decreased by 4% in 2024
Last year, the total production of industrial enterprises decreased by 4 percent at constant prices compared with the year before, data from Statistics Estonia shows.
Among the three industrial sectors, output decreased by 4.4 percent in manufacturing, remained the same in electricity production and increased by 2.9 percent in mining.
Helle Bunder, leading analyst at Statistics Estonia, said the volume of production in manufacturing decreased in 2024 as a whole but there were signs of improvement at the end of the year.
"Manufacturing output started to grow in October and November but fell a little in December," she explained in a statement.
Last year, production volume declined in two thirds of the 23 manufacturing activities.
Looking at the larger industries, there was an increase in output in the manufacture of food products (5.1 percent), rubber and plastic products (0.7 percent) and other transport equipment (11.3 percent), and also in the repair and installation of machinery and equipment (2.1 percent).
Among the major industries, output decreased in the manufacture of wood (10.7 percent), electrical equipment (4.7 percent), fabricated metal products (1.7 percent), and computers and electronic products (7 percent).
67.4 percent of the total production of manufacturing was sold to the external market in 2024. Compared with 2023, export sales decreased by 1.9 percent and domestic sales by 8.5 percent at current prices according to working-day adjusted data.
In December 2024, total industrial production fell by 4.2 percent and manufacturing production by 2.9 percent compared with December 2023. In energy production, the volume of electricity production (in megawatt-hours) increased by 0.4 percent, while the production of heat decreased by 9.9 percent in December.
In December compared with November, the seasonally adjusted total industrial production grew by 0.4 percent and the production of manufacturing by 0.9 percent.
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.
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Editor: Helen Wright
