Industrial production volume fell by 10.5% last year (corrected 07.02.2024)

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Posted on 6 February 2024, 8:00

According to Statistics Estonia, in 2023, the total production of industrial enterprises fell by 10.5% at constant prices compared with the year before. Output decreased in all three industrial sectors: by 21% in electricity production, by 9.8% in manufacturing, and by 4.7% in mining.

The sentence in red has been reworded to make the meaning clear. 

Helle Bunder, leading analyst at Statistics Estonia, said that production volumes decreased every month in 2023. “Last year was difficult for industrial enterprises.The last time production volumes fell by the same amount year on year was 14 years ago," noted Bunder.

In 2023, production volumes declined in most of the 23 manufacturing activities. Among the larger industries, output decreased in the manufacture of wood (16.8%), food products (3.6%), fabricated metal products (9.2%), building materials (21.9%), and computers and electronic products (8.7%). An increase was registered in the manufacture of shale oil (18.8%), manufacture of motor vehicles, trailers and semi-trailers (4.2%), and repair and installation of machinery and equipment (8.4%).

66.6% of the total production of manufacturing was sold to the external market in 2023. Compared with 2022, export sales decreased by 8.3% and domestic sales by 7.3% at current prices according to working-day adjusted data.

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

In December 2023, total industrial production fell by 2.5% and manufacturing production by 1.6% compared with December 2022. In energy production, the volume of electricity production (in megawatt-hours) decreased by 27.7% and the production of heat increased by 1.2% compared with December 2022.

In December compared with November, the seasonally adjusted total industrial production grew by 5.3% and the production of manufacturing by 5.9%.

The volume index and trend of production in manufacturing, January 2013 – December 2023 (2015 = 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 industryMore 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 (press[at]stat[dot]ee)

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