Estonia's industrial production dropped 5.3 percent from a year earlier in July 2019, after a downwardly revised a 3.1 percent decrease in the previous month. This was the second straight monthly decline in industrial production and the steepest fall since December 2015, as both mining production (-40.3 percent vs -29.1 percent in June) and electricity, steam and hot water supply (-52.0 percent vs -51.2 percent) declined faster. In addition, manufacturing output expanded softer (2.5 percent vs 3.0 percent), boosted by increases in the manufacture of food products, computers and electronic products and wood. On a monthly basis, industrial production fell 2.9 percent in July, compared to a downwardly revised 5.2 percent drop in June. Industrial Production in Estonia averaged 5.57 percent from 2001 until 2019, reaching an all time high of 36.90 percent in October of 2010 and a record low of -32.90 percent in April of 2009.
Industrial Production in Estonia is expected to be -4.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Estonia to stand at 2.70 in 12 months time. In the long-term, the Estonia Industrial Production is projected to trend around 2.40 percent in 2020, according to our econometric models.