Estonian industrial production growth weakens in October

Estonian industrial production growth weakens in October
By bne IntelliNews December 3, 2018

Estonian industrial production grew 1.7% y/y in October, working-day adjusted data from Statistics Estonia showed on December 3.

The expansion rate marks a slowdown of 0.6pp compared to the sector’s performance in September. Still, output has now grown for 28 months straight in Estonian industry, helping economic growth. Estonia’s GDP accelerated growth to 4.2% y/y in the third quarter, adding 0.5pp to the annual expansion recorded in April-June.

Manufacturing output expanded a working day adjusted 2.3% y/y in October, data showed. Production in mining fell 9% y/y while energy production expanded 4.1% on the year.

Most segments in the manufacturing sector increased production. The fastest expansion took place in manufacturing of computer, electronic, and optical products as well as in the chemical products segment.

On the other hand, there were falls in the production of food products, electrical equipment, and fabricated metal products.

In unadjusted annual terms, industrial production expanded 4% in October. In seasonally adjusted monthly terms, output increased 0.8%.

Some 68% of industrial output was sold on the external market, Statistics Estonia also reported. According to unadjusted data, export sales of manufacturing production grew 8% in y/y terms in October, while domestic sales rose 10% y/y.