According to Statistics Estonia, the production of industrial enterprises in October increased by 1% YoY, marking the first increase of the indicator since the coronavirus pandemic kicked off in spring.
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. In the three main industrial sectors, production fell by 4% in energy production and by 6% in mining, but increased by 2% in manufacturing.
According to Helle Bunder, analyst at Statistics Estonia, the production of industrial enterprises increased for the first time since the emergency situation was declared.
“Manufacturing provided the biggest boost with an increase in the manufacture of computers and electronic products and in the manufacture of wood. At the same time, with these comparisons, it is important to note that the decrease in manufacturing production first began in October last year,” Bunder explained.
An increase was recorded in two thirds of the manufacturing activities. Among the activities with the largest shares, the decrease in production was largest in the manufacture of building materials and in the manufacture of fabricated metal products.
68% of the total production of manufacturing was sold to the external market. The share of export sales was highest in the manufacture of pharmaceutical products and computers and electronic products. According to unadjusted data, the export sales of manufacturing production increased by 6% YoY, while domestic sales fell by 6%.
In October, compared to September, the seasonally adjusted total industrial production increased by 2% and the production of manufacturing increased by 3%. (ERR/Business World Magazine)