Industry is demonstrating signs of recovery, state agency Statistics Estonia says. The total production of industrial enterprises in Estonia rose by 16% YoY in May, the agency reported, while manufacturing saw aneven higher growth.
As the largest economic sector and an important driver of economic growth, these figures are significant, the agency says, with analyst Helle Bunder adding that May 2020 was the worst-hit month during the pandemic.
“In connection with the low reference base, manufacturing production has increased by 18.5%,” Bunder said.
The index of industrial production covers the economic indicators of three industrial activities: manufacturing, energy and mining.
The second of these saw a 7% rise in production, though mining actually saw a fall, of 13%, over the same period.
66% of total manufacturing output was exported.
The share of export sales was the largest in the manufacture of pharmaceuticals and the manufacture of computers and electronic products, Statistics Estonia said, adding that according to unadjusted data, sales of production for export rose by 31%, while sales to the domestic market increased by 21%. (ERR/Business World Magazine)
