Industrial production volumes in Estonia decreased by 1.2% in May 2024, compared to the same month the previous year, new data from Statistics Estonia has found.
Among the three core sectors of industry, production increased by 2.1% in energy, decreased by 0.7% in mining, and declined by 1.4% in manufacturing, the data showed.
Smallest reduction
Lead analyst at Statistics Estonia, Helle Bunder, noted that May saw the smallest decrease in industrial production volume for the year. “This trend also applies to the manufacturing industry, as volumes in half of its activities already showed a slight increase in May,” she said.
In manufacturing, meanwhile, volumes grew slightly in half of the activities.
Notable declines were observed in wood processing (7%), electrical equipment (6.8%), and computer and electronic products (5.7%).
Conversely, production increased in food products (6.7%), metal products (1.7%), and rubber and plastic products (7.6%).
Manufacturing exports
Around two thirds (68.1%) of manufacturing production in Estonia was sold abroad in May 2024, Statistics Estonia found. Compared to May 2023, sales in manufacturing decreased by 3.4% (calendar-adjusted data). Domestic sales dropped by 12.3%, while export sales grew by 1.8%.
Seasonally adjusted data showed that production rose by 3.9% in May compared to April, with a 3.2% increase in manufacturing. In the energy sector, electricity production increased by 14.6% (MWh) and heat production by 1%.
