May 8, 2024

According to Statistics Estonia, in March 2024, the total production of industrial enterprises fell by 5.7% compared with March last year. Among the three main sectors, output increased slightly in mining (by 0.4%), but decreased by 6.5% in manufacturing and by 4.4% in electricity production.

Helle Bunder, leading analyst at Statistics Estonia, pointed out that the volume of industrial production1 in March declined in more than two thirds of the manufacturing activities. “Looking at the more significant industries, output in March decreased in the manufacture of wood (12.6%), fabricated metal products (7.3%), electrical equipment (20.6%), and computers and electronic products (7.7%). Among the larger industries, output grew in the manufacture of food products (4.3%), shale oil (10.3%), and building materials (5.4%),” noted Bunder.

In March, 68.6% of the total production of manufacturing was sold to the external market.

Compared with March 2023, the sales of manufacturing production2 decreased by 6.8% according to working-day adjusted data in March this year. Domestic sales fell by 7.9% and export sales by 6.1%.

Change in the volume of industrial production in manufacturing compared with corresponding month of previous year (adjusted with the number of working days)

In March compared with February, the seasonally adjusted total industrial production grew by 1.2% and the production of manufacturing by 0.8%.

In energy production, the volume of electricity production (in megawatt-hours) decreased by 10.1%, while the production of heat increased by 1.3% in March.

Industry is the largest sector of the economy and an important driver of economic growth. The index of industrial production covers the economic indicators of three industrial activities: mining, energy production, and manufacturing.

Source: Statistics Estonia
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