The increase in industrial production continued

According to Statistics Estonia, in June 2014, the production of industrial enterprises rose 1% compared to June of the previous year. The production increased in manufacturing and energy, while in mining the production decreased.

Since January, manufacturing has shown a stable 1‒6% growth in production compared to the same month of the previous year. In June, the increase in manufacturing was 2% compared to June of the previous year. Production exceeded the volume of June 2013 in half of the branches of industry. The growth in production was influenced the most by an increase in the manufacture of food, wood and metal products. The volume of production fell in the manufacture of electronic products, chemicals and building materials.

In June, 69% of the whole production of manufacturing was sold on the external market. Compared to June 2013, export sales of manufacturing production fell 2% and domestic sales increased 5% according to unadjusted data.

In June 2014, compared to May, both the seasonally adjusted total industrial production and the production in manufacturing decreased 1%.

Compared to June 2013, the production of electricity increased 12% and the production of heat 7%.

The volume index and trend of production in manufacturing, January 2005 – June 2014
(2010 = 100)

Diagram: The volume index and trend of production in manufacturing

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The producer price index of industrial output decreased in June

According to Statistics Estonia, in June 2014, the producer price index of industrial output changed by –0.2% compared to May 2014 and by –3.1% compared to June 2013.

In June, compared to the previous month, the producer price index was more than average influenced by a decrease in prices in the manufacture of electronic equipment, in mining and in the manufacture of food products, but also by an increase in prices in the manufacture of fuel oils, chemicals and chemical products.

Compared to June 2013, the producer price index was more than average influenced by a decrease in prices in electricity, gas, steam and air conditioning supply and in the manufacture of electronic equipment, but also by an increase in prices in the manufacture of wood and wood products.

Change in the producer price index of industrial output by economic activity, June 2014
Economic activity according to EMTAK 2008 June 2014 –
May 2014, %
June 2014 –
June 2013, %
TOTAL -0.2 -3.1
Manufacturing -0.1 -0.4
Mining -4.7 -3.7
Electricity, gas, steam and air conditioning supply -0.2 -23.1
Water supply; sewerage; waste management and remediation activities 0.0 0.8

In June 2014, the export price index changed by 0.4% compared to May 2014 and by –1.9% compared to June 2013.

In June, compared to the previous month, the prices of oil products, wood and wood products and metals increased more than average, whereas the prices of beverages, electricity, textiles and food products decreased more than average.

In June 2014, the import price index changed by 0.1% compared to May 2014 and by –1.2% compared to June 2013.

In June, compared to the previous month, the prices of electricity, oil products and metals increased more than average, whereas the prices of agricultural products, leather products and building materials decreased more than average.

Source: Statistics Estonia

The industrial production increased in May

According to Statistics Estonia, in May 2014, the production of industrial enterprises rose 2% compared to May of the previous year. The production increased in manufacturing, mining and energy.

Since January manufacturing has shown a stable 1‒6% growth in production compared to the same month of the previous year. In May, the increase in manufacturing was 2% compared to May of the previous year. Production exceeded the volume of May 2013 in half of the branches of industry. The growth in production was most influenced by an increase in the manufacture of food, wood products and refined petroleum products. The volume of production fell in the manufacture of electronic and metal products and electrical equipment.

In May, 69% of the whole production of manufacturing was sold on the external market. Compared to May 2013, export sales of manufacturing production fell 8% and domestic sales increased 1% according to unadjusted data. The decrease in exports was mainly caused by the manufacture of electronic products where sales fell one fourth compared to May of the previous year – this had a substantial impact on the total export sales of industrial enterprises.

In May 2014, compared to April, the seasonally adjusted total industrial production increased 1%, while the production in manufacturing remained at the same level as in April.

Compared to May 2013, the production of electricity decreased 5% and the production of heat increased 12%.

The volume index and trend of production in manufacturing, January 2005 – May 2014
(2010 = 100)

Diagram: The volume index and trend of production in manufacturing

 

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Early spring caused a decrease in energy consumption

According to Statistics Estonia, in March 2014, the production of industrial enterprises fell 3% compared to March of the previous year. The production in energy and mining decreased, while the production in manufacturing increased.

Compared to March 2013, the production of electricity decreased by 21% and the production of heat decreased by 26%. The decrease in electricity production was mainly caused by reduced consumption and a decrease in export.

In March, the increase in manufacturing was 1% compared to March of the previous year. Among the branches of industry holding larger shares, production rose in the manufacture of wood, food products and electrical equipment. The volume of production fell in the manufacture of electronic, chemical and metal products.

In March, 71% of the whole production of manufacturing was sold on the external market. Compared to the same month of the previous year, export sales of manufacturing production rose 5% and domestic sales increased 10% at current prices.

In March 2014, compared to February 2014, the seasonally adjusted total industrial production increased 1%; production in manufacturing remained at the level of February.

The volume index and trend of production in manufacturing, January 2005 – March 2014
(2010 = 100)

Diagram: The volume index and trend of production in manufacturing

 

Read more from Statistics Estonia

Electricity price decrease affects industries

According to Statistics Estonia, in February 2014, the producer price index of industrial output changed by -0.4% compared to January 2014 and by –0.9 % compared to February 2013.

In February, compared to the previous month, the producer price index was more than average influenced by the decrease in prices in electricity, gas, steam and air conditioning supply and in the manufacture of building materials as well as by the increase in prices in the manufacture of wood products.

Compared to February 2013, the producer price index was more than average influenced by the decrease in prices in electricity, gas, steam and air conditioning supply, in the manufacture of electronic equipment and in mining as well as by the increase in prices in the manufacture of wood products .

Change in the producer price index of industrial output by economic activity, February 2014
Economic activity according to EMTAK 2008 February 2014 – January 2014, % February 2014 – February 2013, %
TOTAL -0.4 -0.9
Manufacturing 0.4 0.2
Mining 2.7 -11.4
Electricity, gas, steam and air conditioning supply -9.3 -6.9
Water supply; sewerage; waste management and remediation activities 0.0 1.0

In February 2014, the export price index changed by 0.3% compared to January 2014 and by –2.3% compared to February 2013.

In February, compared to the previous month, the prices of oil products, timber and wood products increased more than average and the prices of electricity, building materials and food products decreased more than average.

In February 2014, the import price index changed by -0.6% compared to January 2014 and by –2.7% compared to February 2013.

In February, compared to the previous month, the prices of electricity, wearing apparel and electronic equipment decreased more than average and the prices of building materials, wood and wood products increased more than average.

Source: Statistics Estonia

Estonia’s monthly industrial output growth second biggest in EU

The 4.3 percent growth in Estonia’s industrial production in January compared with December was second biggest in the EU after a growth of 5.4 percent posted by Croatia.

The biggest reductions month over month were reported by Latvia, -10.7 percent, Netherlands, -6.4 percent, Finland, -3.5 percent, and Lithuania, -2.8 percent, figures published by Eurostat show. Compared with December 2013, seasonally adjusted industrial production fell by 0.2 percent in the euro area and rose by 0.1 percent in the EU28.

Compared with January 2013, industrial production grew by 2.1 percent in the euro area and by 2.4 percent in the EU28. The highest growth rates were seen in Luxembourg, 12.7 percent, Romania, 10.5 percent and Poland, 6.4 percent, and the biggest reductions in Malta, -12 percent, Latvia, -11 percent, Lithuania, -7.6 percent, and Finland,-7.1 percent.

Source: Baltic News Service via Estonian Review

In January industrial production was smaller than a year ago

The news release was corrected on 05.03.2014. Please consider the data marked in red in the table as correct.

According to Statistics Estonia, in January 2014, the production of industrial enterprises decreased by 1% compared to January of the previous year. The decline in production was caused by a decrease in electricity production; however, the production in manufacturing and mining increased slightly.

In January, the increase in manufacturing was 1% compared to January of the previous year. Among the branches of industry holding larger shares, production rose in the manufacture of wood and food products, motor vehicles and furniture. The volume of production fell in the manufacture of electronic products, electrical equipment, chemical products, machinery and equipment.

In January, 70% of the whole production of manufacturing was sold on the external market. The export sales of manufacturing production fell 10% in January compared to the same month of the previous year, and domestic sales increased 2%. The decrease in exports was mainly caused by a decline in the sales of electronic, refined petroleum and chemical products.

In January 2014, compared to December 2013, the seasonally adjusted total industrial production increased 4%, production in manufacturing rose 3%.

Compared to January 2013, the production of electricity decreased by 19% and the production of heat increased by 2%. The decrease of electricity production was mainly caused by the partial replacement of own production with imports.

The volume index and trend of production in manufacturing, January 2005 – January 2014 (2010 = 100)

The volume index and trend of production in manufacturing

 

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