The decline in industrial production was wide-ranging in February
According to Statistics Estonia, in February 2023, the total production of industrial enterprises decreased by 7.4% at constant prices compared with the corresponding month of 2022. Output fell in all three sectors: by 4.0% in electricity production, by 7.7% in manufacturing, and by 8.2% in mining.
The volume of industrial production1fell in almost all manufacturing activities in February. Helle Bunder, leading analyst at Statistics Estonia, said that of the activities with larger shares, growth was recorded only in the production of shale oil (15.0%) and motor vehicles, trailers and semi-trailers (12.2%). “Among the larger industries, there was a slight decrease in the manufacture of food products (2.3%), electrical equipment (2.5%), and wood (1.8%)”, noted Bunder. The decline percentage for the manufacture of wood was the lowest in the last six months. In addition, among the larger activities, output fell in the manufacture of electronic products (6.2%) and fabricated metal products (10.4%).
In February 2023, compared with February 2022, the sales of manufacturing production2 increased by 3.8% at current prices according to working-day adjusted data. Domestic sales grew by 12.8%, whereas export sales fell by 1.4%.
66.3% of the total production of manufacturing was sold to the external market.
According to seasonally adjusted data, production volumes in February 2023 were almost unchanged compared with January – total industrial production was up by 0.2%, while the production of manufacturing decreased by 0.5%.
In energy production, compared with February 2022, the volume of electricity production (in megawatt-hours) decreased by 4.6% and the production of heat by 3.6%.
1Volume index of industrial production – an index that expresses the change in the volume of industrial production at constant prices compared with the base period. The producer price index is used for calculating the production values at constant prices.
2 Value index of industrial sales – an index that expresses the change in the value of sold industrial production at current prices compared with the base period.
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.
Statistics Estonia performs the statistical activity “Production indices” for the Ministry of Economic Affairs and Communications with the aim to determine the economic situation in Estonia.
Information about various industrial activities can be found on the business dashboards.
See also the dedicated section on industry.
More detailed data have been published in the statistical database.
For further information:
Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee