Estonian industrial production contracts 5.3% y/y in July

Estonian industrial production contracts 5.3% y/y in July
By bne IntelliNews September 3, 2019

Estonian industrial production fell 5.3% y/y in July, working-day adjusted data from Statistics Estonia showed on September 2.

The decline follows a fall of 3.8% y/y the preceding month, pointing to a slowdown in economic growth in 2019. While the Estonian GDP growth beat expectations in January-March, expanding 4.5% y/y in unadjusted terms (4.6% y/y upon adjustment), it decelerated to unadjusted 3.8% y/y (3.6% adjusted) in Q2 due to deteriorating foreign demand.

Broken down by main segments, manufacturing output expanded a working day adjusted 2.5% y/y in July, data showed. 

The drag on the headline figure proved mining and the energy sectors, in which output crashed 40.3% y/y and 52% y/y, respectively.

Within the manufacturing sector, four out of ten segments suffered output falls. The fastest fall took place in the manufacturing of motor vehicles, at 8.8% y/y. On the positive side, production increased 5.7% y/y in the food products segment and 4.5% y/y in the manufacturing of computers, electronic and optical products.

In unadjusted annual terms, industrial production declined 3% in July. In seasonally adjusted monthly terms, output retreated 2.9%.

Some 64% of industrial output was sold on the external market, Statistics Estonia also reported. According to unadjusted data, export sales of manufacturing production grew 7% in y/y terms in July while domestic sales expanded 13% y/y.

Data

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