Estonia: Industrial output plummets in August
Latest reading: Industrial output nosedived 10.5% year-on-year in seasonally and calendar adjusted terms in August, which was a deterioration from July’s 1.1% decrease. August’s result marked the worst reading since March. Looking at the details of the release, mining and quarrying output growth nearly ground to a halt, while manufacturing production dropped at a more moderate pace in August.
On a monthly basis, industrial production rose 1.7% in seasonally adjusted terms in August, rebounding from July’s 4.8% fall. Meanwhile, the trend improved slightly, with the annual average variation of industrial production coming in at minus 7.4% in August, up from July’s minus 7.6% reading.