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Financial News: Estonia Industrial Production Falls 12.2%

Estonia Industrial Production Falls 12.2%

01/05/2023 - 05:00:00 (RTTNews)

(RTTNews) - Estonia's industrial production declined further in November, amid a fall in manufacturing, electricity, and mining output, data from Statistics Estonia showed on Thursday.

Industrial production slumped 12.2 percent year-on-year in November.

Manufacturing output decreased 13.1 percent annually in November, following a 6.21 percent fall in the prior month.

Production in mining and electricity declined by 3.6 percent and 11.1 percent, respectively.

"In November, there was a widespread decline in the volume of industrial production across manufacturing activities," Helle Bunder, an analyst at Statistics Estonia, said.

Among the activities with larger shares, the manufacture of wood decreased the most by 22.4 percent, which contributes a fifth of total manufacturing production, Bunder added.

Data showed that export sales in the manufacturing sector remained unchanged annually in November and domestic sales grew 4.0 percent.

On a seasonally adjusted basis, industrial production decreased by 3.8 percent monthly in November. Manufacturing output fell 5.1 percent.

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