The decline in industrial production was slower in November

Posted on 5 January 2024, 8:00

According to Statistics Estonia, in November 2023, the total production of industrial enterprises decreased by 5.8% at constant prices compared with the corresponding month of 2022. Output fell in all three sectors: by 10.8% in electricity production, by 5.4% in manufacturing and by 2.4% in mining.

Due to the low reference base, the decline in the volume of manufacturing production in November was not as substantial as in the previous months of 2023, explained Helle Bunder, leading analyst at Statistics Estonia. “Despite that, in November 2023, the volume of industrial production1 decreased in most manufacturing activities,” admitted Bunder.

In November, an increase in production was registered in the manufacture of motor vehicles, trailers and semi-trailers (17.4%), the manufacture of shale oil (30.2%), and also in the repair and installation of machinery and equipment (79.4%). The manufacture of electronic products remained almost at the same level, as the increase was 0.3% year on year. Among the larger industries, output fell in the manufacture of wood (11.7%), electrical equipment (22.3%), fabricated metal products (8.4%), and food products (7.7%).

The volume index and trend of production in manufacturing, January 2013 – November 2023 (2015 = 100)

In November 2023, compared with November 2022, the sales of manufacturing production2 decreased by 8.2% at current prices according to working-day adjusted data. Domestic sales fell by 9.0% and export sales by 7.6%.

66.6% of the total production of manufacturing was sold to the external market.

In November 2023 compared with October, the seasonally adjusted total industrial production increased by 2.6% and the production of manufacturing by 2.3%.

In energy production, compared with November 2022, the volume of electricity production (in megawatt-hours) decreased by 34.1%, while the production of heat increased by 9.1%.

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

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.

When using Statistics Estonia’s data and graphs, please indicate the source.

For further information:

Helen Maria Raadik
Media Relations Manager

Marketing and Dissemination Department

Statistics Estonia

Tel +372 625 9181

press [at] (press[at]stat[dot]ee)

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