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Financial News: Estonia Industrial Production, Retail Sales Decline

Estonia Industrial Production, Retail Sales Decline

06/30/2020 - 08:00:00 (RTTNews)

(RTTNews) - Estonia's industrial production and retail sales decreased in May, data from Statistics Estonia showed on Tuesday.

Industrial production declined a working-day adjusted 17.7 percent year-on-year in May, following a 16.9 percent fall in April.

Production continued to decrease at the same rate as in April, Helle Bunder, analyst at Statistics Estonia, said.

"It is positive, however, that there wasn't such a significant fall in the manufacture of food products and wood, which are the two manufacturing activities with the largest shares," Bunder added.

Manufacturing output decreased 17.3 percent annually in May.

Among the other sub sectors, production in mining and energy declined 24.4 percent and 16.7 percent, respectively.

On a monthly basis, industrial production fell a seasonally and working-day adjusted 0.2 percent in May.

Separate data from the statistical office showed that the retail sales declined 1.0 percent annually in May.

"The main reason was that since 11 May, people were again allowed to visit shopping centres," Jaanika Tiigiste, leading analyst at Statistics Estonia, said.

On a monthly basis, retail sales rose a seasonally and working-day adjusted 9.0 percent in May.

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