The decline in industrial production volumes was slower in May

Posted on 4 July 2024, 8:00

According to Statistics Estonia, in May 2024, the total production of industrial enterprises fell by 1.2% compared with May last year. Among the three industrial sectors, output increased by 2.1% in electricity production but decreased by 0.7% in mining and by 1.4% in manufacturing.

Helle Bunder, leading analyst at Statistics Estonia, said that, in May, the decline in the volume of industrial production was the smallest so far this year. “The same applies to manufacturing volumes, since in May there was actually a slight increase in output for half of manufacturing activities,” added Bunder.

Looking at the larger industries, output decreased in May in the manufacture of wood (7%), electrical equipment (6.8%), and computers and electronic products (5.7%). Among the major industries, there was an increase in output in the manufacture of food products (6.7%), fabricated metal products (1.7%), and rubber and plastic products (7.6%).

In May, 68.1% of the total production of manufacturing was sold to the external market.

Compared with May 2023, the sales of manufacturing production decreased by 3.4% in May this year according to working-day adjusted data. Domestic sales fell by 12.3%, while export sales grew by 1.8%.

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

In May compared with April, the seasonally adjusted total industrial production grew by 3.9% and the production of manufacturing by 3.2%.

In energy production, the volume of electricity production (in megawatt-hours) increased by 14.6% and the production of heat by 1% in May.

The volume index and trend of production in manufacturing, January 2014 – May 2024 (2021 = 100)

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:

Silvia Uus
Communications Partner
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9367
press [at]

Photo: Shutterstock