Industrial production continued to fall in October

News
Posted on 4 December 2023, 8:00

According to Statistics Estonia, in October 2023, the total production of industrial enterprises decreased by 12.2% at constant prices compared with the corresponding month of 2022. Output declined in two of the three main sectors: by 14.0% in electricity production and by 12.6% in manufacturing. In mining, output increased by 12.9%.

In October, the volume of industrial production1 fell in most of the manufacturing activities. Helle Bunder, leading analyst at Statistics Estonia, said that out of all manufacturing activities, only two grew in October, namely the production of shale oil (22.1%) and repair and installation of machinery and equipment (2.5%). Among the larger industries, output declined in the manufacture of wood (14.9%), electronic products (14.6%), electrical equipment (21.8%), fabricated metal products (15.0%), and food products (5.7%).

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

In October 2023, compared with October 2023, the sales of manufacturing production2 decreased by 15.5% at current prices according to working-day adjusted data. Domestic sales fell by 14.0% and export sales by 16.5%. 66.3% of the total production of manufacturing was sold to the external market.

In October 2023 compared with September, the seasonally adjusted total industrial production decreased by 0.5% and the production of manufacturing by 1.6%.

In energy production, compared with October 2022, the volume of electricity production (in megawatt-hours) decreased by 43.3%, whereas the production of heat increased by 16.7%.

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:

Kai Kaljumäe
Communications Partner

Marketing and Dissemination Department

Statistics Estonia

Tel +372 625 9184

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

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