2023.02.0605:45:00UTC+00Estonia Industrial Production Slumps 11.6%

Estonia's industrial production continued to decline sharply at the end of the year, data from Statistics Estonia showed on Monday.

Industrial production contracted 11.6 percent year-on-year in December, slightly slower than the 12.2 percent rise in the previous month. Further, this was the fourth successive monthly decrease.

Among the main sectors, mining and quarrying output fell the most by 14.7 percent annually in December, which was worse than the 11.1 percent fall in the prior month.

Manufacturing production also registered a double-digit negative growth of 11.5 percent, and output produced in the utilities sector plunged 13.1 percent.

In energy production, the volume of electricity production decreased by 16.2 percent and the production of heat by 10.7 percent annually, the agency said.

On a seasonally adjusted basis, industrial production recovered 2.1 percent monthly in December, reversing a 3.8 percent drop in November. It was the first increase in four months.

In 2022, total industrial production declined 1.9 percent compared to 2021, largely led by a 2.7 percent fall in manufacturing output.