Volume of industrial production down by 8.6% in January (Corrected on 08.03.24)
According to Statistics Estonia, in January 2024, the total production of industrial enterprises decreased by 8.6% at constant prices compared with January 2023. Among the three main sectors, output fell by 11.9% in manufacturing and remained almost the same in mining, falling by just 0.6%. In energy production, output increased by 15%.
The index and trend lines in the chart “The volume index and trend of production in manufacturing” were corrected in the news release. We apologise! Please use the new chart.
Helle Bunder, leading analyst at Statistics Estonia, said that, in January, the volume of industrial production1 fell in almost all manufacturing activities. “The manufacture of food products was the only major industry where production increased in January – by 6.9%,” noted Bunder.
Among the larger industries, output decreased in the manufacture of wood (8.7%), fabricated metal products (11.3%), electrical equipment (19%), and computers and electronic products (17.2%).
In January, 64.9% of the total production of manufacturing was sold to the external market.
Compared with January 2023, the sales of manufacturing production2 decreased by 9.9% at current prices according to working-day adjusted data. Domestic sales fell by 4.4% and export sales by 12.9%.
In January compared with December, the seasonally adjusted total industrial production decreased by 6.6% and the production of manufacturing by 8.4%.
In energy production, the volume of electricity production (in megawatt-hours) increased by 5.6% and the production of heat by 20.6% in January.
1 Volume 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.
When using Statistics Estonia’s data and graphs, please indicate the source.
For further information:
Kai Kaljumäe
Communications Partner
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9184
press [at] stat.ee (press[at]stat[dot]ee</)