The wide-ranging decline in industrial production continued in August

News
Posted on 4 October 2023, 8:00

According to Statistics Estonia, in August 2023, the total production of industrial enterprises decreased by 11.9% at constant prices compared with the corresponding month of 2022. Output fell in all three sectors: by 26.2% in electricity production, by 9.3% in manufacturing and by 41.5% in mining.

Helle Bunder, leading analyst at Statistics Estonia, said that, in August, the volume of industrial production1 decreased in most of the manufacturing activities, which has been the prevailing trend this year. The volume of industrial production also declined in the previous months of 2023. “Of the activities with larger shares, only the production of shale oil increased (22.0%),” added Bunder. Among the larger industries, output decreased in the manufacture of wood (15.8%), electrical equipment (7.2%), fabricated metal products (8.1%), electronic products (18.9%), and food products (7.1%).  

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

In August 2023, compared with August 2022, the sales of manufacturing production2 decreased by 9.2% at current prices according to working-day adjusted data. Domestic sales fell by 6.7% and export sales by 10.9%.

64.6% of the total production of manufacturing was sold to the external market.

In August 2023 compared with July, the seasonally adjusted total industrial production increased by 2.2% and the production of manufacturing by 1.9%.

In energy production, compared with August 2022, the volume of electricity production (in megawatt-hours) decreased by 39.8% and the production of heat by 3.1%.

Change in volume index of industrial production compared to 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] stat.ee

Photo: Shutterstock

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