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Financial News: Estonia Industrial Production Increases In June

Estonia Industrial Production Increases In June

08/02/2022 - 05:51:00 (RTTNews)

(RTTNews) - Estonia's industrial production rose in June underpinned by growth in electricity and mining output, while manufacturing logged a decline, data from Statistics Estonia showed on Tuesday.

Industrial production rose 0.4 percent year-on-year in June.

Manufacturing output decreased 2.5 percent annually in June, after a 2.2 percent rise in the prior month.

Production in mining surged 28.9 percent and electricity output gained 18.4 percent.

"In June, production volumes decreased in half of the manufacturing activities and the volumes of several larger activities have fallen," Helle Bunder, an analyst at Statistics Estonia, said.

"Manufacturing output last declined at the start of the coronavirus pandemic in 2020," Bunder added.

Data showed that export sales of manufacturing production grew 25.4 percent annually in June and domestic sales rose 19.5 percent.

On a seasonally adjusted basis, industrial production declined 1.6 percent monthly in June, following a 0.3 percent fall in the previous month. Manufacturing output decreased 3.8 percent.

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